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ETHUSD, Technical Analysis

3/7/2023 2:01 PM

The ETH/USD pair has been trading in the main sideways range of 1700.00-1500.00 for the second month, and last week the price continued to decline to its lower limit.

Currently, the quotes have reached the support of 1562.50 (Murray level [5/8]), they cannot break below it yet, but if successful, the movement will continue to the level of 1500.00 (Murray level [4/8]) and, possibly, to the area of 1437.50 (Murray level [3/8]). The key for the "bulls" is the level of 1625.00 (Murray level [3/8]), supported by the middle line of the Bollinger Bands, when it is broken out, quotes will be able to start rising to the levels of 1700.00, 1750.00 (Murray level [8/8]) and 1812.50 (Murray level [+1/8]).

Technical indicators do not give a single signal, illustrating the uncertainty of the market before the speech in Congress by the head of the US Fed Jerome Powell and the publication of February employment data: the Bollinger Bands are horizontal, the MACD histogram has moved into negative territory, and the Stochastic, on the contrary, is preparing to leave the oversold zone. Nevertheless, in the current conditions, given the expectations of experts for a further increase in the interest rate in the USA, the continuation of the decline in prices is still seen as the most likely scenario.

Resistance levels: 1700.00, 1750.00, 1812.50. | Support levels: 1562.50, 1500.00, 1437.50, 1375.00.

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