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ETH/USD (Ethereum) is trading at $2,528, rebounding after reaching the psychological level of $2,500 during Thursday's US trading session. Technically, ETH has entered an oversold zone, and we could look for opportunities to take long positions above $2,500 in the coming hours.
On the H4 chart, we can see that the instrument has been trading within a downtrend channel formed since September 15, and the price has reached the lower band of this channel—which presents an opportunity for a technical bounce and could be viewed as a buy signal.
We also observe that the 8/8 Murray line is acting as strong support for Ethereum, coinciding with the psychological level of $2,500. Therefore, if a technical correction occurs toward this zone in the coming hours or the price consolidates above this level, it could be seen as an opportunity to buy Ethereum, with targets at the 200 EMA around $2,600 and, ultimately, we expect it to reach the +1/8 Murray level around $2,656.
A drop below the psychological level of $2,500 could change the outlook for Ethereum, and we could expect it to quickly reach the 7/8 Murray zone around $2,350—it could even reach the psychological level of $2,000.
Given that the Eagle indicator has reached oversold levels. From a technical perspective, we will look for buying opportunities in the coming days if the price consolidates above $2,500.
We believe that Ethereum will reach the $2,656 area again or could even reach the upper band of the downtrend channel around $2,675.
*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।
