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Ethereum (ETH/USD) is trading around $1,814 with a bullish bias extending a rebound over the weekend above $1,650.
Ethereum could continue its rise over the coming hours, reaching the upper band of the uptrend channel around $1,860.
Following a consolidation above the 61.8% Fibonacci level and a recovery above the 1/8 Murray line, ETH gained bullish momentum. Over the past 24 hours, we saw a strong technical rebound, so the instrument is likely to resume its main downtrend in the coming days.
If ETH reaches the upper band of the uptrend channel around $1,860, or if bullish momentum prevails, ETH could reach the 200 EMA around $1,891 and the 3/8 Murray level around $1,875. If Ethereum approaches these levels, we could expect a strong technical correction to occur in this zone and a return to the 2/8 Murray levels around $1,750.
In case Ethereum loses its upward momentum from the $1,814 level, we could expect a technical correction toward the 2/8 Murray level at $1,750. Therefore, we could look for selling opportunities in the coming hours with targets at $1,750 and around the 21 SMA at $1,690.
The recovery in ETH/USD could encourage bears to take short positions, and we expect the price to return to the psychological level of $1,500 in the coming weeks.
The Eagle indicator has reached overbought levels. So, below $1,814, the market will likely undergo a technical correction in the coming days.
*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।
