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ETH/USD is trading around $1,701, having staged a strong recovery from yesterday's Asian session, when it traded around $ 1,600. A recovery of more than 6% suggests that ETH could enter overbought territory.
If we look at the H4 chart, we can see that Ethereum has reached the upper band of the uptrend channel formed since June 25. This area, which also coincides with the 200 EMA, could be seen as an opportunity to open short positions in anticipation of a drop to $1,672 or even a retest of the 1/8 Murray level around $1,625.
During Friday's US trading session, US economic data will be released, which could affect Ethereum's momentum, and we could see a sharp drop from $1,750.
Given that the Eagle indicator has reached overbought levels, we will look for opportunities to sell in the coming hours, provided that Ethereum reaches $1,730 or $1,750—both levels will present an opportunity to open 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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