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ETHUSD, Murrey Levels Analysis

11/1/2022 2:36 PM

Last week, the ETH/USD pair attempted to grow within the general market trend, left the stable sideways range of 1375.00–1250.00 (Murrey [2/8]–[0/8]), and reached two-month highs around 1663.55.

Currently, quotes have rolled back to the area of ​​1562.50 (Murrey [5/8], Fibonacci retracement 38.2%), but the upward momentum may not be lost yet. In case of re-consolidation above 1625.00 (Murrey [6/8]), positive dynamics may continue to 1750.00 (Murrey [8/8], Fibonacci retracement 23.6%) and 1812.50 (Murrey [+1/8], the upper limit of the long-term downlink). The key "bearish" level is 1500.00 (Murrey [4/8]). Its breakdown will give the prospect of quotes returning to 1410.00 (the middle line of Bollinger bands), 1375.00 (Murrey [2/8]), 1312.50 (Murrey [1/ 8], Fibonacci retracement 61.8%).

Technical indicators keep a buy signal: Bollinger bands are reversing upwards, and MACD is increasing in the positive zone. However, Stochastic reversing downwards does not exclude the resumption of the decline.


Resistance levels: 1625.00, 1750.00, 1812.50. | Support levels: 1500.00, 1410.00, 1375.00, 1312.50.

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