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Ethereum is trading around $3,300, undergoing a slight technical correction after decisively breaking the 200 EMA and reaching the top of the downtrend channel, which acted as strong resistance.
In the coming hours, Ether is expected to continue its technical correction and could reach the 200 EMA around 3,181.
According to the H4 chart, ETH has reached overbought levels, so a technical correction is more likely to occur in the coming hours and could suggest an opportunity to open short positions.
In the event of a pullback towards the 3/8 Murray located at 3,437, this level coincides with the top of the uptrend channel and could be seen as an opportunity to sell with short-term targets around 2/8 Murray at 3,125. Finally, Ether is expected to reach the psychological level of $3,000 and even fall to the bottom of the bullish downtrend channel around $2,910.
Our outlook for the coming days is negative as we are seeing overbought levels. Therefore, as long as the price remains below $3,450, any technical rebound should be used as an opportunity to enter short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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