ETH/USD: technical analysis
Current trend
ETH/USD continues to trade within the broad descending channel.
Last week, the price of a trading instrument made an attempt to grow within the framework of the general market trend and rose to the area of 4150.00, but could not hold on to this level and began a downtrend. Currently, the token quotes are testing the level of 3906.25 (Murray [1/8]), consolidation below which will give the prospect of further decline to the levels of 3750.00 (Fibonacci retracement 50.0%, Murray [0/8]) and 3550.00 (Fibonacci retracement 61.8%, Murray [-1/8]). The key level for the "bulls" is still the level of 4060.00 (Fibonacci retracement 38.2%, Murray [2/8]), supported by the center line of Bollinger Bands. A price movement above it will catalyze further growth up to the upper border of the ascending channel at 4315.00 (Fibonacci retracement 23.6%).
Technical indicators confirm the preservation of the downtrend: Bollinger Bands and Stochastic are reversing downwards, and MACD histogram is stable in the negative zone.
Support and resistance
Resistance levels: 4060.00, 4218.75, 4315.00.
Support levels: 3906.25, 3750.00, 3550.00, 3437.50.
ETH/USD continues to trade within the broad descending channel.
Last week, the price of a trading instrument made an attempt to grow within the framework of the general market trend and rose to the area of 4150.00, but could not hold on to this level and began a downtrend. Currently, the token quotes are testing the level of 3906.25 (Murray [1/8]), consolidation below which will give the prospect of further decline to the levels of 3750.00 (Fibonacci retracement 50.0%, Murray [0/8]) and 3550.00 (Fibonacci retracement 61.8%, Murray [-1/8]). The key level for the "bulls" is still the level of 4060.00 (Fibonacci retracement 38.2%, Murray [2/8]), supported by the center line of Bollinger Bands. A price movement above it will catalyze further growth up to the upper border of the ascending channel at 4315.00 (Fibonacci retracement 23.6%).
Technical indicators confirm the preservation of the downtrend: Bollinger Bands and Stochastic are reversing downwards, and MACD histogram is stable in the negative zone.
Support and resistance
Resistance levels: 4060.00, 4218.75, 4315.00.
Support levels: 3906.25, 3750.00, 3550.00, 3437.50.
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