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The ETH/USD pair is trading around $2,322 within a downtrend channel that has been forming since April 15 and is showing signs of exhaustion after rebounding above $2,254.
ETH could continue its fall in the coming hours until it reaches the 200 EMA. It could even reach the 2/8 Murray line around $2,187.
Given that Ethereum is currently within this range, a breakout toward the 3/8 Murray line at $2,343 or toward the upper band of the uptrend channel around $2,365 could be considered an opportunity to open short positions with targets at $2,187.
The strong resistance at $2,500, located around the 4/8 Murray line, keeps Ethereum under bearish pressure. On April 17, the cryptocurrency attempted to reach this zone but was unsuccessful. On several occasions, the price has managed to rise but has been unable to enter this zone.
According to the technical chart, the Japanese candlesticks indicate a consolidation of ETH and a possible technical reversal in the coming days. Ehtereum is expected to reach the 1/8 Murray line around $2,031, or could reach the psychological level of $2,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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