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Ethereum is trading around $1,906, above the 21 SMA and the 200 EMA, and above the downtrend channel that was broken, showing a positive bias.
During Wednesday's US trading session, Ethereum broke above $1,875, quickly reaching the $1,930 level. However, there could be a technical correction in the coming hours before the uptrend resumes.
Should a pullback occur toward $1,875, and if the ETH price consolidates above this zone, it will be considered a buying opportunity with targets at the 4/8 Murray level around the psychological $2,000 mark.
If Ethereum continues to rise, the next resistance levels are around $1,937 and $1,973, and finally the $2,000 level; therefore, we will look for buying opportunities in the coming days in anticipation of reaching these targets.
Conversely, a drop below $1,875 could cause Ethereum to resume its downtrend, and we could expect it to reach the 2/8 Murray level around $1,750.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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