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Ethereum has been consolidating above $2,900 over the last few days. As shown on the H4 chart, ETH/USD managed to gain momentum and is showing positive signs, trading above $2,955. The 21 SMA is located in this area, adding to the positive outlook as it is within the uptrend channel formed since December 15.
If Ethereum maintains its price above $2,950 in the coming hours, the outlook could be positive, and we could look for opportunities to open long positions, with targets at $3,039 and finally at the 2/8 Murray at $3,125.
A sharp break above 2/8 Murray could accelerate the upward movement of the ETH/USD pair, potentially reaching the top of the uptrend channel around $3,200 and ultimately reaching the 3/8 Murray at around $3,375.
If the 200 EMA located around $3,039 acts as a barrier, as it did on December 28, we could expect ETH to resume its bearish cycle. In this case, it could decisively break its trend channel formed since December 15, and we could expect a drop towards the psychological level of $2,500.
The Eagle indicator is showing a positive signal, so as long as the price trades within the uptrend channel, 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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