Current trend

Last week, the ETH/USD pair corrected downwards to the 2379.00 area, but has now resumed growth within the general market trend, which is provided by investors' hopes for the victory of the Republican candidate Donald Trump in the US presidential election and a significant influx of investments into digital ETFs.

The price chart continues to form an “ascending triangle” and is now striving for its upper border in the area of 2812.50 (Murrey level [ 2/8], 50.0% Fibonacci retracement), which seems key for the “bulls”. Consolidation above it will be a catalyst for testing the targets of 3085.00 (38.2% Fibonacci retracement) and 3455.00 (23.6% Fibonacci retracement). The 2343.75 level (Murrey level [7/8]) remains the most important for the “bears”: its breakdown could cause a decline to 2031.25 (Murrey level [5/8]) and 1875.00 (Murrey level [4/8]).

Technical indicators allow for the possibility of continued upward dynamics: Bollinger Bands and Stochastic are reversing upwards, and MACD is in the positive zone, but its volumes are insignificant.

Support and resistance

Resistance levels: 2812.50, 3085.00, 3455.00.

Support levels: 2343.75, 2031.25, 1875.00.

Trading tips

Long positions can be opened above 2812.50 with targets of 3085.00, 3455.00 and a stop-loss of 2600.00. Implementation period: 5–7 days.

Short positions can be opened below 2343.75 with targets of 2031.25, 1875.00 and a stop