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ETHUSD, Murrey Analysis

12/6/2022 2:02 PM

Last week, the ETH/USD pair attempted to grow, rising to the 1300.00 area.

The key "bearish" range is the support zone of 1250.00–1210.00 (Murrey [2/8], the middle line of Bollinger bands), the breakdown of which will give the prospect of a decline to 1125.00 (Murrey [1/8]) and 1000.00 (Murrey [0/8]). Otherwise, growth will resume towards the central level of Murrey's trading range and the upper limit of the long-term downward channel around 1500.00 ([4/8]).

Technical indicators do not give a single signal, illustrating the current uncertainty in the market: Bollinger bands are horizontal, Stochastic has reversed downwards, and the MACD is preparing to move into the positive zone and form a buy signal. Given the persistence of the long-term downward trend, the resumption of negative dynamics soon seems more likely.

Resistance levels: 1375.00, 1500.00, 1625.00. | Support levels: 1210.00, 1125.00, 1000.00.

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