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ETH/USD is trading around 3,092.21 forming a bullish flag pattern on the H4 chart. If Ether breaks sharply above 3,150, the signal for this pattern could be confirmed and we could expect it to reach the top of the downtrend channel around 3,360.
In case Ethereum fails to break and confirm the flag pattern signal, we could expect the decline to continue and ETH could reach 1/8 Murray located at 2,812. Below this area, it could reach the psychological level of 2,500.
We believe that Ether could have a bullish rally in the coming days since conditions are preparing for a bullish impulse so that the token could reach 4/8 Murray around 3,750.
A sharp break above the downtrend channel forming since early April as well as a consolidation above 3,380 and above the 200 EMA could confirm the bullish move. Therefore, we could expect ETH to reach 3,579 which represents the April 7 high and finally, 3,750.
The eagle indicator is approaching the oversold zone. It means that ETH/USD is likely to see a bullish rally in the coming days and we could look for opportunities to buy only if the price consolidates above the psychological level of $3,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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