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Ethereum (ETH) is trading around $1,889 within an uptrend channel that has been forming since late June and is consolidating above the 3/8 Murray level, suggesting that it could resume its uptrend in the coming days.
Given that Ethereum is trading higher, it is expected to rise in the coming days. Therefore, it makes sense to open long positions after we wait for the price to consolidate above the 3/8 Murray level; or if ETH touches the lower band of the uptrend channel around $1,860, this could be considered a buying opportunity.
According to the chart, we can see that the 4/8 Murray level would be a good point for opening profits around the psychological level of $2,000. If the upward momentum prevails, we could expect ETH to reach the upper band of the uptrend channel around $2,085.
Conversely, a drop below the 3/8 Murray level, coupled with a break below the 200 EMA around $1,815, could signal a trend reversal, and ETH/USD could fall to the 2/8 Murray level around $1,750 and eventually reach the 1/8 Murray level around $1,625.
The Eagle indicator is showing a negative signal, so we should be cautious if a break below $1,800 occurs. Conversely, above this zone, the outlook will remain bullish.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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