Current trend

After reaching three-year highs around 4090.00, the ETH/USD pair has been actively declining for two weeks in a row, adjusting to the medium-term uptrend: last week, quotes actively tested the level of 3272.80 (61.8% Fibonacci retracement), supported by the lower line of Bollinger Bands, but it was managed to hold, so there has not yet been a change in the dominant trend in the market.

Currently, the price has resumed growth and approached the resistance zone of 3680.00–3750.00 (the central line of Bollinger Bands, Murrey level [4/8]), consolidating above which will allow the asset to continue moving towards 4062.50 (Murrey level [5/8]) and 4375.00 (Murrey level [6/8]). The mark of 3272.80 remains key for the "bears" — after its breakdown, prerequisites will arise for a change in the uptrend and the development of a decline towards the targets of 2830.00 (50.0% Fibonacci retracement, Murrey level [1/8]) and 2470.00 (32.8% Fibonacci retracement, Murrey level [5/8]), however, such a scenario is less likely in the near future.

Technical indicators show continued growth: Bollinger Bands are horizontal, but MACD is increasing in the positive zone, and Stochastic is directed upwards.

Support and resistance

Resistance levels: 3750.00, 4062.50, 4375.00.

Support levels: 3272.80, 2830.00, 2470.00.

Trading tips

Long positions can be opened above the 3750.00 mark with targets of 4062.50, 4375.00, 4687.50 and stop-loss of 3540.00. Implementation period: 5–7 days.

Short positions can be opened below the 3272.80 mark with targets of 2830.00, 2470.00 and stop-loss of 3550.00.