Current trend
The ETH/USD pair has been growing for the second month amid investor activity, as a result of which the capitalization of the cryptocurrency market exceeded 2.5T dollars. In addition, the asset is positively affected by expectations for the Dencun fork activation next week, which will reduce commissions in second-level networks.
Today, the quotes have reached a January 2022 high of 3750.00 (Murrey level [4/8]), consolidation above which will allow them to reach the area of 4062.50 (Murrey level [5/8]) and 4375.00 (Murrey level [6/8]). In case of breakdown of the key “bearish” support area of 3272.80–3125.00 (Murrey level [2/8], Fibonacci correction 61.8%, middle line of Bollinger bands), the movement will continue to the area 2812.50 (Murrey level [1/8], Fibonacci correction 50.0%) and 2500.00 (Murrey level [0/8], Fibonacci correction 38.2%).
Technical indicators confirm the continuation of the upward trend: Bollinger Bands and Stochastic are directed upward, and the MACD histogram is increasing in the positive zone.
Support and resistance
Resistance levels: 3750.00, 4062.50, 4375.00.
Support levels: 3125.00, 2812.50, 2500.00.
Trading tips
Long positions may be opened above 3750.00, with the targets at 4062.50, 4375.00 and stop loss 3520.00. Implementation time: 5–7 days.
Short positions may be opened below 3125.00, with the targets at 2812.50, 2500.00 and stop loss 3350.00.
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