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ETHUSD, Technical Analysis

12/20/2022 1:55 PM

Last week, the ETH/USD pair attempted to grow, rising to the 1350.00 area, but after the results of the US Federal Reserve meeting disappointed the market, it lost all the gains and fell to 1150.00.

Since the end of last month, the quotes have been moving in the main sideways range of 1325.00–1090.00. The cryptocurrency market is uncertain, as fears of further negative consequences of the bankruptcy of the FTX exchange are holding back the start of corrective growth. However, in the short term, it will become possible if the consolidation above 1250.00 (Murrey level [2/8], the middle line of Bollinger bands) to the levels 1325.00 or 1500.00 (Murrey level [4/8], the upper limit of the long-term downward channel). The key "bearish" level is 1090.00, consolidation below, which will give the prospect of further decline to 1000.00 (Murrey level [0/8]), 875.00 (Murrey level [–1/8]).

Technical indicators do not give a single signal: Bollinger bands are horizontal, the MACD histogram is increasing in the negative zone, and Stochastic is preparing to leave the oversold zone.

Resistance levels: 1250.00, 1325.00, 1500.00. | Support levels: 1090.00, 1000.00, 875.00.

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