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ETHUSD, Technical Analysis

1/10/2023 2:01 PM

The ETH/USD pair continues to trade in the main sideways range of 1325.00-1090.00, but this week the price has reached the upper limit and is actively testing it. With a significant consolidation above, the instrument will be able to leave the framework of the long-term descending channel and continue to grow to the levels of 1437.50 (Murray level [7/8], Fibo retracement 61.8%) and 1500.00 (Murray level [8/8]).

The key for the "bears" is the level of 1250.00 (Murray level [4/8]), supported by the middle line of the Bollinger Bands, overcoming which will allow the decline to resume to the area of 1125.00 (Murray level [2/8]), 1062.50 (Murray level [1/8]) and 1000.00 (Murray level [0/8]).

Technical indicators do not give a single signal: the Bollinger Bands are reversing upwards, the MACD histogram is increasing in the negative zone, which confirms the formation of a short-term upward trend, but the Stochastic is preparing to leave the overbought zone, not excluding a new price decline. 

Resistance levels: 1325.00, 1437.50, 1500.00. | Support levels: 1250.00, 1125.00, 1062.50, 1000.00.

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