ETH/USD: technical analysis 05.03.2018

ETHUSD-2018-03-05

Current trend

Today ETH/USD is moderately growing and is now testing the resistance level of 859.37 (Murray [7/8]).

Technical indicators mostly reflect the relative calmness of the markets and sideways movement of the price.

Bollinger Bands are pointed sideways.

MACD volumes are in the negative zone and are moving along the zero line.

Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

The breakout and consolidation of the price below the level of 850.00 (middle line of Bollinger Bands) will let ETH/USD reach the level of 837.00.

The upward trend will be restored after the price is set above the level of 859.37.

In this case, the next targets of buyers will be the level of 875.00 (Murray [8/8]).

Support and resistance

Support levels: 843.75, 828.12, 812.50.

Resistance levels: 859.37, 875.00, 890.62.

Trading recommendations

Long positions can be opened above the level of 859.37 with the target at around 875.00 and stop loss 855.00.

Short positions can be opened below the level of 850.00 with the target at around 837.00 and stop loss 854.00.