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Ethereum (ETH/USD) is trading around $1,786, above the 2/8 Murray level and the 21-day moving average, which is driving it above the 200 EMA with a positive bias, although it is showing signs of exhaustion.
In the coming hours, Ethereum could continue its rise until it reaches the upper band of the bullish channel, around $1,865.
Since the Eagle indicator is reaching overbought levels, the outlook could turn negative in the coming days.
Therefore, a consolidation below the 2/8 Murray line and below the 200-day moving average could be considered an opportunity to sell Ethereum, with targets at the lower band of the bullish channel—which also coincides with the 1/8 Murray line—around $1,660.
A breakout from the symmetrical triangle pattern is seen in the chart. Thus, if ETH remains above this area, it points to a further uptrend in the coming days until the price reaches the 3/8 Murray line, which now acts as strong resistance.
If Ethereum faces strong rejection below $1,875, it will be considered an opportunity to open short positions with targets at the 1/8 Murray line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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