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ETH/USD is trading around $1,922, above the 3/8 Murray line and above the 21 SMA, within the uptrend channel formed since June 26. Technically, Ethereum could continue to rise until it reaches the strong resistance at the psychological level of $2,000, around the 4/8 Murray line.
If, in the coming hours, Ethereum pulls back toward the 3/8 Murray level at $1,875, this could be seen as an opportunity to re-enter long positions with a target at $2,000.
Conversely, if Ethereum falls below $1,870 and consolidates below the uptrend channel formed on the daily chart, reaching the 21 SMA, this could be considered a bearish signal, and we could expect it to return to the 1/8 Murray level around $1,625 in the coming days.
We believe that Ethereum could continue to rise toward the $2,000 level in the coming days. Even if it breaks above this zone, we could expect it to reach $2,063, where the upper band of the uptrend channel is located.
A trend reversal could occur if Ethereum falls below the key $1,800 level. If it drops below $1,750, the outlook could become even more negative, and it could even retreat toward the June 26 low around $1,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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