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ETH is trading around $2,507, above the 8/8 Murray line and above the 21 SMA, consolidating after a strong upward move that occurred yesterday during the US trading session.
Since August 22, ETH has been trading within a rectangle pattern between a high of $2,567 and a low of $2,450.
In the coming hours, Ethereum is expected to encounter strong resistance around $2,567; this zone could be viewed as an opportunity to take short positions in anticipation of a drop to the psychological level of $2,500—it could even retreat toward $2,343.
If the consolidation continues and the price remains below the psychological level of $2,500, then we could view this zone as an opportunity to sell, with targets at $2,442, and ultimately, we could expect it to reach $2,350. If ETH breaks below this support level, it could reach the 200 EMA around $2,223.
In the coming days, we expect Ether to trade within a range of highs and lows, so we must keep an eye on the levels we've identified as potential sell zones and, in the event of a pullback, look to buy on the technical rebound.
If Ethereum breaks above $2,567, we could expect it to reach the +1/8 Murray level around $2,656. And if the instrument falls below $2,350, we could expect it to reach the 6/8 Murray level around $2,187.
Our trading plan for the next few hours is to sell Ethereum below the psychological level of $2,500, with targets at 2,442 and $2,390. The Eagle indicator is showing a bearish signal, which supports our bearish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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