06.03.202407:10 Forex Analysis & Reviews: Trading Signals for ETH/USD on March 6-15, 2024: sell below $3,750 (6/8 Murray - rebound)

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ETH/USD is trading around 3,515, bouncing after reaching a high of 3,816 and a low of 3,204. Yesterday, Ether reached the September 2021 price levels, approaching the psychological level of $4,000.

ETH has a strong resistance around 6/8 Murray located at 3,750. In case there is a pullback towards this level, it could be seen as an opportunity to sell with targets at 5/8 Murray located at 3,125.

In view that Ether started a technical rebound above 3,200, we can buy at current price levels with the target at 3,750.

Our outlook for the next few days suggests a range-bound market. Therefore, Ether is expected to trade between 3,750 and 3,125 which could offer a good opportunity to buy and sell around these levels.

In case ETH breaks and consolidates above 3,750, it could resume its bullish cycle. So, the token could reach the psychological $4,000 level and could even approach the 4/8 Murray located at 4,375.

On the contrary, ETH could start a bearish cycle. For this, it should consolidate below 3,125, then it could reach the 4/8 Murray pivot point located at 2,500 and could even approach the 21 SMA located at 2,390.

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