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After consolidating above $2,900, Ethereum managed to gain bullish momentum and is now consolidating above the 200 EMA and above 2/8 Murray with a bullish outlook that could push the price to the key level of $3,600.
ETH/USD may struggle to continue rising in the coming hours as the Eagle indicator is showing overbought signals. Thus, a technical correction towards the psychological level of $3,000 or towards the 200 EMA around $3,062 is likely to follow.
Good support can be found around the 2/8 Murray located at $3,125. This area, where the 200 EMA is located, could be a good key point to resume buying with a target at $3,600. The instrument could even reach the 4/8 Murray at $3,750.
On the contrary, falling below $3,062 and consolidating below the 200 EMA could change the scenario for Ether, and it could reach the support of the uptrend channel around $2,922. This represents the last support for the cryptocurrency, and a rebound at this level could be seen as an opportunity to take long positions.
A definitive break and consolidation below $2,900 could change the scenario for ETH/USD and it could fall towards the 0/8 Murray located at $2,500.
The outlook for ETH remains positive, so we should look for opportunities to open long positions during any pullback. The key is always to make sure that 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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