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This week, the ETH/USD pair continued to decline and tested the mark of 1687.50 (Murray level [7/8]), supported by the middle line of the Bollinger Bands.

Currently, the quotes of cryptocurrencies and global electronic platforms are under pressure from American regulators. Last week, it became known about the claims of the US Securities and Exchange Commission (SEC) to the Coinbase exchange, which, according to officials, launched a number of products in violation of securities laws. Also, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against the Binance cryptocurrency platform and personally its head Changpeng Zhao, accusing the company of offering derivatives trading to US clients, helping to circumvent control programs and conducting insider trading. Now the commission demands a variety of restrictions and serious penalties for Binance, including a ban on doing business in the USA. Changpeng Zhao denied all the allegations of the CFTC and said that the lawsuit was unexpected for him, since the company has been actively cooperating with the authorities for many years. In general, this situation may negatively affect the entire digital sector, although experts do not rule out a positive outcome if Binance and the regulator manage to reach an agreement.

As for the Ethereum network itself, experts continue to expect the launch of the Shanghai update, which is scheduled for April. This fork will allow stake holders to gain access to 16.6M ETH tokens previously blocked on the network. The impact of the update on the price seems ambiguous. On the one hand, stake holders will be able to manage their funds more freely, which may contribute to the inflow of investments, and on the other hand, it is possible that a significant part of the blocked tokens will be sold, which may put pressure on the ETH/USD pair.

Technically, the mark of 1687.50 (Murray level [7/8]) remains key for the "bears". Consolidation below it will give the prospect of further decline to the levels of 1562.50 (Murray level [5/8]) and 1500.00 (Murray level [4/8]). If the level of 1812.50 (Murray level [+1/8]) is broken out, the growth to the area of 1875.00 (Murray level [+2/8]) and 2000.00 (Fibo retracement 38.2%) will be possible.

The upward trend in the pair is still maintained, which is signaled by the upward reversal of the Bollinger Bands and the stabilization of the MACD histogram in the positive zone, while the Stochastic has approached the oversold zone.

Resistance levels: 1812.50, 1875.00, 2000.00. | Support levels: 1687.50, 1562.50, 1500.00.