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ETH is trading around $2,328, undergoing a sharp technical correction after reaching a high of around $2,421. This level was last seen on April 22, forming a double top pattern, which signals a technical reversal.
On the H4 chart, we can see that Ethereum has decisively broken the uptrend channel formed since April 28 and is expected to consolidate below the 3/8 Murray level around $2,375. It could continue falling in the coming days until it reaches the 200 EMA and even the 2/8 Murray level around $2,250.
If, in the coming hours, a pullback occurs toward the 21 SMA or the 3/8 Murray line, we could consider opening short positions provided the price consolidates below this zone around $2,375 and sell with targets at the 2/8 Murray line ($2,250); ultimately, we could expect the price to reach the psychological level of $2,000.
Conversely, if Ethereum consolidates above $2,375, we could view this as a positive signal, and it could reach the 4/8 Murray line around $2,500.
The Eagle indicator has reached overbought levels and is already giving a negative signal as the price consolidates below the double top pattern. Alternatively, if ETH reaches $2,400, we could consider taking short positions 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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