The ETH/USD pair had been forming a consistent downtrend for more than three months, correcting toward the long-term trend. However, last week, after a prolonged period of sideways movement within the 3165.00–2770.00 range (Fibonacci retracement 50.0%–61.8%), prices exited the channel, breaking above its upper boundary. If the price consolidates above 3281.25 (Murray level [5/8]), the probability of reaching the targets at 3560.00 (Fibonacci retracement 38.2%) and 4062.50 (Murray level [5/8], Fibonacci retracement 23.6%) will increase significantly. The key level for bears remains 2770.00 (Fibonacci retracement 61.8%, Murray level [1/8]); a breakdown below this level would signal a resumption of the bearish move toward 2187.50 (Murray level [–2/8]) and 1875.00 (Murray level [3/8], W1).
Technical indicators do not provide a uniform signal. Bollinger Bands are turning upward, the MACD histogram has moved into positive territory, but the Stochastic oscillator may exit the overbought zone and form a sell signal. It is also worth noting that on the weekly chart, Bollinger Bands are pointing downward, which may cap upside potential near 3560.00 (Fibonacci retracement 38.2%), reinforced by the middle band.
Support and resistance levels
Resistance levels: 3281.25, 3560.00, 4062.50.
Support levels: 2770.00, 2187.50, 1875.00.
Trading scenarios and Ethereum price forecast
Long positions should be opened above 3281.25 with targets at 3560.00 and 4062.50, and a stop-loss at 3100.00. Time horizon: 5–7 days.
Short positions should be opened below 2770.00 with targets at 2187.50 and 1875.00, and a stop-loss at 3010.00.
Scenario
| Timeframe |
Weekly |
| Recommendation |
BUY STOP |
| Entry point |
3283.00 |
| Take Profit |
3560.00, 4062.50 |
| Stop Loss |
3100.00 |
| Key levels |
1875.00, 2187.50, 2770.00, 3281.25, 3560.00, 4062.50 |
Alternative scenario
| Recommendation |
SELL STOP |
| Entry point |
2765.00 |
| Take Profit |
2187.50, 1875.00 |
| Stop Loss |
3010.00 |
| Key levels |
1875.00, 2187.50, 2770.00, 3281.25, 3560.00, 4062.50 |
John Isige is a cryptocurrency journalist and market analyst who has accumulated great experience. He shares practicable insight with traders, investors, and enthusiasts of the crypto world. John loves to explore the dynamic Web3 space, which involves blockchain technology or different coins besides decentralized applications (dApps) leading decentralized finance (DeFi), smart contracts or interoperability among blockchains, non-fungible tokens (NFTs), real-world assets (RWAs), and artificial intelligence combining blockchain.
John has worked for leading cryptocurrency resources, among them foreck.info, CoinGape, CryptoNews, and Business2Community. His work content pivots around detailed market trend analysis, on-chain metrics, price support and resistance levels as well as regulatory news plus macroeconomic factors that weigh on the digital asset landscape.
