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After reaching $2,200, Ethereum rebounded strongly above this level and is now approaching the top of the downtrend channel formed since January 26 on the H1 chart.
If Ethereum consolidates above $2,400, it is likely to continue rising until it reaches the 200 EMA around $2,600.
If ETH falls below $2,350, we could expect a further downward movement until it reaches the psychological level of $2,000.
In the short term, Ethereum is expected to reach even $2,000 and finally, plunge to the area of $1,500.
Only a consolidation for the 200 EMA located at $2,600 could be seen as a change in the outlook. If so, EHT could reach the psychological level of $3,000 shorty after.
Our strategy for the next few hours is to sell below $2,400. The Eagle indicator is showing a negative signal, so we should look for opportunities to open 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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