Current trend

The ETH/USD pair started the week with a correction after a two-week growth and is now around 2656.25 (Murrey level [5/8]). The long-term downtrend still persists, although quotes are trying to change it: at present, the trading instrument is approaching the resistance zone of 2812.50–3125.00 (Murrey level [6/8], 50.0% Fibonacci retracement–Murrey level [8/8], 38.2% Fibonacci retracement), consolidation above which may cause continued growth to the targets of 3437.60 (Murrey level [ 2/8], 23.6% Fibonacci retracement), 3750.00 (Murrey level [8/8], W1). The key level for the “bears” seems to be 2500.00 (Murrey level [4/8], 61.8% Fibonacci retracement), a breakdown of which will ensure the resumption of the downward dynamics to the targets of 2187.50 (Murrey level [2/8]) and 2031.25 (Murrey level [1/8]).

Technical indicators do not give a clear signal: Bollinger Bands are reversing up, and MACD is stable in the positive zone, confirming the likelihood of new attempts to overcome the key resistance zone, but Stochastic has left the overbought zone, which does not exclude the development of a corrective decline.

Support and resistance

Resistance levels: 2812.50, 3125.00, 3437.60, 3750.00.

Support levels: 2500.00, 2187.50, 2031.25.

Trading tips

Long positions can be opened above 2812.50 with targets at 3437.60, 3750.00 and a stop-loss at 2600.00. Implementation period: 5–7 days.

Short positions should be opened below 2500.00 with targets at 2187.50, 2031.25 and a stop-loss at 2730.00.