Current trend

In the middle of last month, the ETH/USD pair entered the main sideways range of 3272.80–3750.00 (Fibonacci retracement 61.8% - Murrey level [4/8]), where it continues to trade for the fourth week in a row. Overall, the asset is in a state of uncertainty, receiving support from investors' anticipation of the Bitcoin halving, but stronger growth is hampered by the possibility of the US Securities and Exchange Commission (SEC) refusing to allow the launch of Ethereum-based spot ETFs.

Currently, quotes have approached the upper limit of the range of 3272.80–3750.00, consolidation above which will lead to growth towards the targets of 4062.50 (Murrey level [5/8]) and 4375.00 (Murrey level [6/8]). The key support zone for the "bears" remains at 3272.80–3125.00 (Fibonacci retracement 61.8%, Murrey level [2/8]), a breakdown of which will allow quotes to continue declining to 2855.00 (Fibonacci retracement 50.0%, Murrey level [1/8]) and 2500.00 (Fibonacci retracement 28.2%, Murrey level [0/8]).

Technical indicators don't provide a clear signal: Bollinger Bands are horizontal, MACD has moved into the positive zone, but its volumes are still insignificant, and Stochastic is directed upward, but is approaching the overbought zone, which does not exclude an imminent change in direction. Under these conditions, it is worth opening new positions only after the quotes leave the specified side channel.

Support and resistance

Resistance levels: 3750.00, 4062.50, 4375.00.

Support levels: 3125.00, 2855.00, 2500.00.

Trading tips

Long positions may be opened above 3750.00 with targets at 4062.50, 4375.00 and stop-loss at 3530.00. Implementation period: 5-7 days.

Short positions could be opened below 3125.00 with targets at 2855.00, 2500.00 and stop-loss at 3340.00.