Current trend

Last week, the ETH/USD pair continued to decline, making attempts to change the current mid-term upward trend in the market.

Earlier, the price tested the 1812.50 mark (Murray level [5/8]), but it cannot consolidate below it yet. If successful, the downward dynamics will strengthen to the levels of 1750.00 (Fibo retracement 38.2%, Murray level [4/8]) and 1625.00 (Fibo retracement 50.0%, Murray level [2/8]). The key for the "bulls" is the resistance zone of 1875.00-1890.20 (Murray level [6/8], Fibo retracement 23.6%), the breakout of which will allow cryptocurrency quotes to resume growth up to the level of 2000.00 (Murray level [8/8]).

Technical indicators confirm the probability of a downward movement: the Bollinger Bands are directed downwards, the MACD histogram increases in the negative zone, and the Stochastic reverses upwards near the oversold zone, not excluding a pullback to the area of 1875.00-1890.20.

Support and resistance

Resistance levels: 1890.20, 1937.50, 2000.00.

Support levels: 1812.50, 1750.00, 1625.00.

Trading tips

Short positions can be opened below 1812.50 or when the price reverses around 1875.00 with targets at 1750.00, 1625.00 and stop-losses at 1855.00 and 1920.00, respectively. Implementation period: 5–7 days.