ETH/USD: technical analysis 30.03.2018

USDJPYH430032018

Current trend

On 4-hour chart, ETH/USD is correcting up after the fall to the level of 357.860.

The price is approaching a resistance in the region of 406.250 (Murray [3/8]).There is a chance of an downward rebound, while its breakdown will let

ETH/USD grow to the area of 437.500 (Murray [2/8]), which coincided with the middle line of Bollinger Bands.

The downward trend will be restored after the price is set below the level of 375.000 (Murray [0/8]).

In this case, the next targets of sellers will be the level of 343.750 (Murray [-1/8]).

Technical indicators maintain a sell signal.

Bollinger Bands are directed down.

MACD histogram is in the negative zone keeping a signal for the opening of sell positions.

Stochastic’s lines are pointed upwards suggests the possibility of corrective growth to the levels of 437.50 (middle line of Bollinger Bands).

Support and resistance

Support levels: 375.000, 343.750, 312.500.

Resistance levels: 406.250, 437.500, 468.750.

Trading recommendations

Short positions can be opened below the level of 375.000 with the target at around 343.750 and stop loss 385.000.

Long positions can be opened above the level of 406.250 with the target at around 428.000- 437.500 and stop loss 396.250.