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ETHUSD, Technical Analysis

1/17/2023 1:00 PM

The ETH/USD pair has been growing since the beginning of this year as part of the general market trend.

The price left the sideways range of 1325.00–1090.00, where it had been trading for about two months, and reached 1566.40. Further growth of quotations is possible around November highs to 1650.00, the breakdown of which may cause an increase around 1875.00 (Murrey level [3/8] for W1). If 1500.00 (Murrey level [8/8]) is broken down, the decline may resume to 1375.00 (Murrey level [6/8], Fibonacci retracement 50.0%) and 1312.50 (Murrey level [5/8], Fibonacci retracement 38 .2%, the middle line of Bollinger bands).

Technical indicators confirm the continuation of the upward trend: Bollinger bands are directed upwards, and the MACD histogram is increasing in the positive zone. Stochastic is moving to a horizontal movement in the overbought zone, which does not exclude the prospects of leaving it, but the potential for a downward correction is still seen as limited.

Resistance levels: 1650.00, 1875.00. | Support levels: 1500.00, 1375.00, 1312.50.

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