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Ethereum (ETH/USD) is trading around $1,859, rebounding after hitting the lower band of the downtrend channel that formed in early May from the $2,400 level. ETH could face downward pressure and reach the psychological level of $1,750 in the coming days, which also coincides with the key -2/8 Murray support level.
Given that Ethereum has reached the lower band of the downtrend channel, if this proves to be solid support, we could expect a technical rebound, which could be seen as an opportunity to take long positions.
If Ethereum consolidates above $1,850 - $1,875, our outlook could turn positive, as above the -1/8 Murray level, Ethereum could retest the 21 SMA around $1,990 and potentially reach the psychological $2,000 level near the 0/8 Murray level.
Technically, Ethereum is reaching oversold levels. The Eagle indicator has reached 5 points, signaling an imminent technical rebound, but we must be cautious, as it is better to wait for consolidation around a solid support level before opening long positions.
When liquidity drops, most cryptocurrencies tend to make unexpected moves, so we could expect a sharp drop toward $1,750 before the price recovers or rebounds. We must therefore be very cautious, as the formation of a consolidation pattern could be interpreted as a buy signal.
*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।
