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Ethereum (ETH/USD) is trading around $2,151, below the 3/8 Murray line, and pulling back after reaching the top of the downtrend channel. Ethereum faces resistance around $2,187, which has been exerting downward pressure since March 12.
ETH/USD is expected to continue falling in the coming hours until it reaches the 200 EMA around $2,138. This level is now acting as support for Ethereum, and we could expect a technical rebound if the price consolidates above this zone.
If ETH resumes its bullish cycle and consolidates above $2,150, we could expect a decisive breakout from the bearish trend channel and a consolidation above $2,187. Then, Ethereum could reach the resistance at $2,286 and ultimately its high of $2,370.
A drop below the 200 EMA and below the 21 SMA could accelerate Ethereum's downward movement, and we could expect it to reach the psychological level of $2,000 and potentially even hit the bottom of the downtrend channel around $1,940.
The Eagle indicator has reached oversold levels, so we expect that any pullback in the price of Ethereum could be viewed as a buying opportunity. A decisive break above $2,200 could be a buy signal with targets at the 4/8 Murray level around the psychological $2,500 mark.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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