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Ethereum (ETH/USD) is trading around $1,928, showing signs of exhaustion in its upward momentum. We expect a technical correction toward the SMA at $1,892 in the coming hours. This area is important because a technical rebound could occur there. Since it's late in the day, we must remain vigilant, as we are technically observing a second uptrend channel.
Given that the Eagle indicator is showing a positive signal, it is expected that, in the coming hours following a technical correction, ETH could resume its uptrend and reach the psychological target of $2,000, which coincides with the 4/8 Murray level and also with the upper band of the uptrend channel.
Conversely, if ETH falls below the 3/8 Murray level, the outlook could turn negative, and we might expect it to reach the lower band of the uptrend channel around $1,818, or it could find strong support around the 200 EMA at $1,800.
With a break and drop below the 2/8 Murray level around $1,750, Ethereum could return to the psychological level of $1,500; for this to happen, we would need to see the price consolidate below the 200 EMA and below the 2/8 Murray level.
Our outlook for Ethereum remains bullish for the coming days. We should monitor the support levels around the 3/8 Murray line or around the 200 EMA to open long positions with a target at the psychological level of $2,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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