Current trend

The ETH/USD pair is trading in the main range of 2812.50–2500.00 (Murray level [1/8], 50.0% Fibonacci retracement – Murrey level [0/8], 61.8% Fibonacci retracement): last week, quotes reached its upper limit, but then returned to the lower one, near which they are now consolidating.

Investors are preparing for the publication of US unemployment data on Friday, which may determine the size of the first correction of the key rate this month. Fixing the price below the 2500.00 mark will open the possibility for continued decline to the levels of 2187.50 (Murrey level [1/8]), 1875.00 (Murrey level [2/8]). The key for the "bulls" remains the 2812.50 mark, at the breakout of which the upward dynamics may resume towards the targets of 3125.00 (Murrey level [2/8]), 3437.50 (Murrey level [3/8]).

Technical indicators do not give a clear signal: Bollinger Bands are reversing down and Stochastic turns up, while MACD is stable in the negative zone. Given the persistence of the long-term downtrend, the continuation of the decline of the ETH/USD pair seems to be a more likely scenario.

Support and resistance

Resistance levels: 2812.50, 3125.00, 3437.50.

Support levels: 2500.00, 2120.00, 1875.00.

Trading tips

Short positions should be opened below the 2500.00 mark with targets of 2120.00, 1875.00 and a stop-loss around 2660.00. Implementation period: 5–7 days.

Long positions can be opened above the level of 2812.50 with targets of 3125.00, 3437.50 and a stop-loss in the area of 2590.00.