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Ethereum (ETH/USD) is trading around $1,745, pulling back after reaching a high of $1,849. We could expect the technical correction to continue over the next few hours until it reaches the 2/8 Murray level around $1,750.
Ethereum reached the upper band of the uptrend channel, just as we noted in yesterday's analysis, as this area acted as strong resistance near the upper band of the uptrend channel.
Ethereum reached the $1,849 level, which coincided with the upper band of the uptrend channel, and made a sharp technical reversal, pulling back more than $60. We believe ETH could continue its fall in the coming days until it reaches the lower band of the uptrend channel around the key $1,700 level.
The Eagle indicator has reached extremely overbought levels, so it is giving a bearish signal. If a technical rebound toward $1,840 occurs in the coming hours, it could be considered an opportunity to open short positions.
On the other hand, if the 2/8 Murray support level ($1,750) proves to be strong, we could expect consolidation around this area. In this case, we could buy with targets at the 3/8 Murray level around $1,875.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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