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Ethereum is trading around 2,486.33, below the 4/8 Murray which represents the psychological level of $2,500 and is located below the 21 SMA ,and within an uptrend channel formed since early February.
During the weekend ETH/USD reached the highest level of 2,540. Since then, we observed a strong technical correction and now the token is trading below the SMA 21 which could change the positive outlook if the instrument keeps trading below this zone in the next few hours .
According to the eagle indicator, Ether reached the extremely overbought zone on February 9. Since then, we expect that for any bullish attempt below 2,540, a strong technical correction is needed.
If Ether breaks sharply through the bullish trend channel and consolidates below 2,480, the outlook could be negative and will be seen as an opportunity to sell with targets at 3/8 Murray around 2,421 and at the 200 EMA around 2,368.
On the contrary, if Ether breaks and consolidates above 2,500, the bullish cycle could resume and the next target could be 5/8 Murray located at 2,578.
We believe that ETH/USD could continue to make a technical correction in the coming hours. So, below 2,500 our expectations will always be negative and will be seen as a signal to sell.
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