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ETH/USD: technical analysis

11/22/2022 1:55 PM

The ETH/USD pair traded within a tight sideways range of 1250.00–1180.00 last week but resumed its decline over the weekend as the negative impact of the FTX bankruptcy on the cryptocurrency market continues.

Currently, the price has broken below 1125.00 (Murrey [1/8]), which opens the way for further declines to 1000.00 (Murrey [0/8]), 875.00 (Murrey [–1/8]) and 750.00 (Murrey level [–2/8]). The key “bullish” level is 1320.0 (Fibonacci correction 61.8%, the middle line of Bollinger bands), the breakout of which may cause growth to 1500.00 (Murrey level [4/8]), 1575.00 (Fibonacci correction 38.2%).

Technical indicators confirm that the current downward trend continues: Bollinger and Stochastic bands are reversing downwards, while MACD is increasing in the negative zone.


Resistance levels: 1320.00, 1500.00, 1575.00. | Support levels: 1000.00, 875.00, 750.00.

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