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Ethereum (ETH/USD) is trading around $1,960.42, rebounding after reaching the 61.8% Fibonacci zone between its low on February 5 and its high on February 9.
We could expect Ethereum to recover some of its losses in the coming hours. ETH could reach the 21 SMA around $2,024. It is expected to reach even the 3/8 Murray around $2,187 in the coming days.
The 2/8 Murray support located at $1,875 represents a strong bottom for Ethereum. If the cryptocurrency resumes its bullish cycle, traders will have an opportunity to open long positions, with targets at the 4/8 Murray around $2,500.
The outlook remains bearish for Ethereum. It is believed that it should reach the psychological level of $1,500 around the 0/8 Murray in the medium term. So, if Ethereum breaks below $1,875 (2/8), we could expect a bearish acceleration.
Meanwhile, any pullback if the price consolidates above 61.8% Fibonacci and above $1,875 around the 2/8 Murray will allow traders to continue buying with targets at the 200 EMA around $2,572.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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