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Ethereum (ETH/USD) is trading around 3,219, rebounding after finding good support around the uptrend channel formed since the end of December. It is likely that in the coming hours it will consolidate above this level and could continue to recover some of its losses until it reaches the 21SMA located at 3,287.
We expect ETH to consolidate above the 200 EMA located at 3,147 in the coming hours. This level is key and acts as strong support for Ethereum, as below this zone, we also see that it is located at the 2/8 Murray around 3,122, which is strong support. If a technical rebound occurs around this zone, it could be seen as an opportunity to open long positions.
If ETH recovers part of its losses and consolidates above 3,287, it is likely to try to continue rising and could reach 3/8 Murray at 3,437 and finally the top of the uptrend channel around 3,482.
The Eagle indicator is showing a negative signal, so it is likely that after a technical rebound in the coming hours, Ethereum will resume its bearish cycle. If there is a break below 3,122, it could accelerate its decline and even reach 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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