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ETHUSD, Technical Analysis

2/28/2023 1:53 PM

Since the beginning of the year, the ETH/USD pair has been actively growing but having reached the area of 1700.00, it reversed to horizontal movement.

It is the key “bullish” level, tested many times over the past five weeks, and consolidation above it will give the prospect of further growth to 1812.50 (Murrey level [+1/8]), 1875.00 (Murrey level [+2/8]) and 2000.00 (Fibonacci retracement 38.2%). The key “bearish” level is 1500.00 (Murrey's level [4/8]) at the lower border of the formed side range, the breakdown of which will allow the asset to fall to 1375.00 (Murrey's level [2/8]), 1250.00 (Murrey's level [0/8]).

Technical indicators do not give a single signal, which implies the possibility of further movement in the range of 1700.00–1500.00 without serious breakouts soon: Bollinger bands are horizontal, the MACD histogram is stable in the positive zone, and Stochastic has reversed upwards. A serious movement of quotes is expected when they go beyond the boundaries of the specified range.

Resistance levels: 1700.00, 1812.50, 1875.00, 2000.00. | Support levels: 1500.00, 1375.00, 1250.00.

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