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Ethereum (ETH/USD) is trading around $2,066, below the 200 EMA and within the downtrend channel that has been forming since March 15. Ethereum could face strong resistance if it reaches the $2,106 area in the coming hours.
As long as ETH trades above the psychological $2,000 level, we could expect it to reach the 21 SMA zone around $2,013, and Ethereum could resume its bullish cycle.
If a technical correction toward $2,000 occurs in the coming hours, it could be seen as an opportunity to take long positions.
A decisive break above $2,000 and above the downtrend channel could be seen as a buy signal, with targets at the 3/8 Murray level around $2,187.
If Ethereum encounters resistance around $2,106, we could look for opportunities to sell below this zone with targets at the 2/8 Murray level around $1,875.
The Eagle indicator is showing a positive signal, so any pullback could be seen as a buy signal in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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