Ethereum: technical analysis 23.02.2018

Etherium-2018-02-23

Current trend

At the current time, the Ethereum price is in the upward correction.

The first target of the correction is the level of 860.00, which corresponds to the middle line of Bollinger Bands. If the price consolidated above this level, it can grow to the next resistance levels of 875.00 (Murray [4/8]), 906.25 (Murray [5/8]). Otherwise, downward trend will develop further after the price is set below the level of 812.50 (Murrey [2/8]). In this case, the further fall to the area of the level 781.25 (Murray [1/8]) is possible.

Technical indicators reflect the moderate maintenance of the current upward correction. MACD volumes are decreasing in the negative zone. Stochastic lines are pointed upwards. Bollinger Bands are converging, reflecting the development of the current trend.

Support and resistance

Support levels: 812.50, 781.25.
Resistance levels: 843.75, 875.00, 906.25.

Trading recommendations

Long positions can be opened above the level of 843.75 with the target at around 875.00 and stop loss 835.00.
Short positions can be opened from the level of 811.50 with the target at around 781.25 and stop loss 821.00.