Since the beginning of the year, the ETH/USD pair has been actively growing and in early February reached the mark of 1687.50 (Murray level [7/8]), but quotes could not break above it and began a downward correction amid increased fears of prolonging the cycle of tightening the monetary policy of the US Fed.
Currently, the price has fallen to the central mark of the Murray trading range 1500.00 (Murray level [4/8]), where it has met with serious support. In case of consolidation below it, the movement may continue to the levels of 1437.50 (Murray level [3/8]) and 1312.50 (Murray level [2/8]). The key for the "bulls" is the middle line of the Bollinger Bands in the area of 1590.00, its breakout will give the prospect of the price returning to the levels of 1687.50 and 1750.00 (Murray level [8/8]).
The short-term downward trend in the pair persists, which is confirmed by the downward reversal of the Bollinger Bands and the reduction in the positive zone of the MACD histogram, which is preparing to move into the negative zone. Stochastic may leave the oversold zone, which does not exclude a rebound in the price to the area of 1562.50 (Murray level [5/8]), 1590.00, but it is unlikely to lead to a change in the current trend.
Resistance levels: 1590.00, 1687.50, 1750.00. | Support levels: 1500.00, 1437.50, 1375.00.