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ETHUSD, Technical Analysis

1/31/2023 1:47 PM

The ETH/USD pair has been growing since the beginning of the year, but for the second week in a row, it cannot consolidate above the key “bullish” level of 1650.00 (Fibonacci correction 23.6%), the breakout of which will allow it to rise to 1750.00 (Murrey level [8/8]), 1812.50 (Murrey level [+1/8]) and 1875.00 (Murrey level [+2/8]). At present, the prospects for further positive dynamics look uncertain, as the cryptocurrency quotes have corrected below the middle line of Bollinger bands, which does not exclude movement to the key “bearish” level of 1500.00 (Murrey level [4/8]), consolidation below which will allow the instrument to test the level of 1375.00 (Murrey level [2/8]) and 1250.00 (Murrey level [0/8]).

Technical indicators do not give a single signal: Bollinger bands are directed upwards but have signs of a reversal, which may mean a change in the current short-term uptrend, while Stochastic rushed downwards, and the MACD histogram is decreasing in the positive zone.

Resistance levels: 1650.00, 1750.00, 1812.50, 1875.00. | Support levels: 1500.00, 1375.00, 1250.00.

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