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Early in the American session, ETH/USD is trading around 3,239 within the uptrend channel forming on the H1 chart. After having reached the psychological level of $3,000 and after having reached the low of 2,856, the token made a strong technical rebound and is now approaching resistance levels around the 200 EMA located at 3,317.
Given that Ether has been giving a bullish signal, it is expected to continue its rise in the next few hours and could reach 3,320 (21 SMA). Above this level, we could expect it to return to about 3,437. The token could finally reach 4/8 of Murray located at 3,750.
On the other hand, in case ETH finds a rejection around 200 EMA located at 3,317 or below the top of the bullish channel, we could expect there to be a technical correction towards 2/8 Murray located at 3,125. Trading around this area could be seen as an opportunity to resume buying.
In case of a breakout of the uptrend channel, ETH/USD could resume its bearish cycle and fall provided the price consolidates below 3,100. Below this area, we could expect ETH to reach the psychological level of $3,000 and it could finally reach -1 /8 Murray located at 2,812.
The eagle indicator is giving a positive signal. Therefore, ETH is expected to continue rising in the next few hours, but according to the H1 chart, the token is showing a clear sign of exhaustion. So, first we expect a technical correction towards suppor levels and then, we will look for an opportunity to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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