Current trend

Amid the partial approval of the launch of spot Ethereum-ETF by the US Securities and Exchange Commission (SEC), the ETH/USD pair left the medium-term downward channel, breaking through its upper border.

Last week, the quotes reached three-month highs, rising to the region of 3973.00 but could not stay there and returned to the 3750.00 mark (Murrey level [8/8]). After breaking through the key “bearish” level of 3593.75 (Murrey level [7/8]), supported by the middle line of Bollinger bands, a change in the trend to a downward one and a decline to the area of ​​3085.00 (Fibonacci correction 38.2%, Murrey level [4/8]) and 2812.50 (Fibonacci correction 50.0%, Murrey level [2/8]) is expected. Otherwise, the growth of the quotes will resume to the area of ​​4062.50 (Murrey level [ 2/8]) and 4375.00 (Murrey level [ 2/8], W1). It is worth noting that in the long term, the trading instrument has completed a downward correction and resumed growth, which confirms the likelihood of its further strengthening.

Technical indicators have given a buy signal: Bollinger Bands are pointing upwards, and the MACD histogram is stable in the positive zone. Stochastic is trying to reverse downwards, which does not exclude a rollback to the 3593.75 area but is unlikely to change the trend.

Support and resistance

Resistance levels: 4062.50, 4375.00.

Support levels: 3593.75, 3085.00, 2812.50.

Trading tips

Long positions may be opened from the 3906.25 level, with the targets at 4062.50, 4375.00, and stop loss 3800.00. Implementation period: 5–7 days.

Short positions may be opened below 3593.75, with the targets at 3085.00, 2812.50, and stop loss 3750.00.