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Ethereum (ETH/USD) has been under bearish pressure over the weekend and is currently trading above the 2/8 Murray, which represents strong support for Ethereum. If ETH consolidates above $1,950, where the 21 SMA is located, in the coming hours, we could expect the cryptocurrency to recover.
On the H4 chart, we can see that ETH/USD has left a bullish pennant formation. It means that if there is a break above $1,950 and a consolidation above the 21 SMA, we could expect it to reach the upper band of the downtrend channel around $2,085. Ethereum could even rebound to the 200 EMA around $2,120.
A sharp break and consolidation above the downtrend channel and consolidation above $2,100 could be seen as a clear signal to buy Ethereum in the coming days. ETH could reach the 4/8 Murray around $2,500.
Conversely, if Ethereum falls below $1,950 and consolidates below the 2/8 Murray, the downward pressure could persist, and the crypto could reach the lower band of the downtrend channel around $1,660 and even plunge to the 1/8 Murray around the psychological level of $1,500.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
