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Ethereum (ETH/USD) reached the 3/8 Murray around $2,187, which represents strong resistance as it is also at the 200 EMA. We could expect a technical correction in the coming days, and Ethereum might reach the psychological level of $2,000 around the 21 SMA.
ETH/USD is trading within an uptrend channel formed since February 22, but it is reaching overbought levels. So, it is likely that there will be a technical correction towards the lower band of the uptrend channel in the coming hours or days.
If Ethereum consolidates above the 200 EMA and above the 3/8 Murray, the bias could remain positive, and we expect the cryptocurrency to continue appreciating. Hence, it could reach the upper band of the uptrend channel around $2,365.
A break of the bullish channel and consolidation below the psychological level of $2,000 will be seen as a signal to sell, with a target at the 2/8 Murray located at $1,875. Finally, ETH is expected to reach the February 5 low of around $1,714.
Given that the Eagle indicator has reached extremely overbought levels, any pullback while trading below the 3/8 Murray will be seen as a signal 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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