Solid News
ETHUSD Developers Announced the Date of the Shanghai Fork
12/13/2022 2:14 PMSince the beginning of this month, the ETH/USD pair has been trading in a narrow range of 1290.00-1250.00, periodically trying to leave it, which so far it has failed.
Currently, the market is in a state of uncertainty, as the negative consequences associated with the bankruptcy of the FTX exchange are balanced by positive monetary factors and decisions on further updates of the Ethereum network. At the end of last week, the developers announced that the Shanghai fork, containing the possibility of withdrawing funds blocked in the Beacon Chain, is scheduled for March next year, which greatly reassured investors. The fact is that at the moment more than 15.5M ETH users are blocked in the Beacon Chain network, which is about 12.9% of the total volume of tokens, but there has not been accurate information on the timing of their withdrawal so far.
Investors are also waiting for the US Fed's interest rate decisions. In the event that the November inflation data confirm a further slowdown in price growth, the regulator will certainly slow down the pace of monetary policy tightening, and may think about temporarily suspending the adjustment of the value to assess the consequences of measures already taken to combat inflation, which may weaken the position of the US currency against its main competitors. Otherwise, the decline in quotations will be able to resume.
The ETH/USD pair continues to move horizontally in the 1290.00-1250.00 channel, consolidation of the price below its lower limit, supported by the middle line of the Bollinger Bands, will give the prospect of further decline to the levels of 1125.00 (Murray level [1/8]) and 1000.00 (Murray level [0/8]). In case of a breakout of the upper border of the channel and the upper line of the Bollinger Bands (1323.00), the growth up to the 1500.00 mark (Murray level [4/8]) is possible.
Technical indicators do not give a single signal, signaling market uncertainty before important fundamental events: the Bollinger Bands and the Stochastic are horizontal, the MACD histogram is at the zero line, its volumes are insignificant.
Resistance levels: 1290.00, 1323.00, 1500.00. | Support levels: 1250.00, 1125.00, 1000.00.