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During Tuesday's US trading session, ETH/USD hit a low of $2,350, and this support level provided a solid foundation to sustain the uptrend, offering the pair an opportunity to rebound. Ethereum could continue its rise in the coming hours and reach the upper band of the uptrend channel around $2,417.
Ethereum could extend its climb in the coming days if the price remains trading within the uptrend channel formed since April 29. A pullback toward the $2,340 area or even toward the 200 EMA around $2,328 could be seen as a positive signal to buy in the coming days, with targets at the 8/8 Murray level around $2,500.
A decisive break and consolidation below $2,328 could change the outlook for Ethereum, and we could expect a further downtrend, which could push the price down to the 6/8 Murray zone around $2,250.
Technically, Ethereum is under bearish pressure, and it has reached overbought levels on the H4 and daily charts. We believe this could make it difficult for the price to rise above the upper band of the uptrend channel. If the ETH price reaches the $2,415 resistance zone and decides to reverse, we could view this as a negative signal and sell below $2,417 with targets at around $2,328.
The Eagle indicator is showing a negative signal, so if a technical rebound occurs, we might consider opening 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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