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ETHEREUM is trading around $3,125 above the 21 SMA around the 2/8 Murray support, with a slight recovery after reaching the psychological level of $3,000.
In the coming hours, Ethereum could continue its rise and could reach $3,200. It could even gain bullish momentum and could reach the 3/8 of Murray around $3,437.
If Ethereum reaches the strong resistance zone around $3,437, which also coincides with the top of the uptrend channel around $3,500. If the price settles below the zone of the 200 EMA, it could be seen as an opportunity to open short positions.
On the other hand, if ETH trades below the 21 SMA and below the 2/8 Murray, we could expect it to continue its bearish cycle. So, the instrument could reach the bottom of the uptrend channel around $2,900.
Our outlook remains bullish for ETH/USD, so if the price trades above the 2/8 Murray, it will be seen as an opportunity to open long 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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