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Ethereum is trading around $2,011, rebounding after reaching the bottom of the uptrend channel formed since February 24. ETH is expected to continue rising in the coming days until it reaches the 3/8 Murray.
ETH/USD is trading above the psychological $2,000 level, so it is expected to reach the 200 EMA around $2,108 in the coming days and could even reach the upper band of the uptrend channel around $2,250.
Technically, according to the H4 chart, Ethereum develops a bullish bias, and any pullback is likely to be seen as a signal to continue buying as long as the price trades above Murray's 2/8.
In case of a pullback to the bottom of the uptrend channel around $1,940, we could expect this area to be a key point to buy with targets at the 200 EMA and finally at $2,187 around the 3/8 Murray.
A drop below the 2/8 Murray located at $1,870 could change Ethereum's outlook and turn it negative. The instrument could reach the February 5 low around $1,715 and even the psychological level of $1,500.
Our trading plan for the coming hours is to buy above the 21 EMA at $1,978, with targets at $2,040, $2,080, and $2,108, as the Eagle indicator supports this bullish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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