01.03.202415:25 Forex Analysis & Reviews: Trading Signals for Ethereum (ETH/USD) on March 1-15, 2024: sell below $3,500 (5/8 Murray - overbought)

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Early in the American session, ETH/USD is trading around 3,428.28 with a strong uptrend as seen on the weekly chart.

ETH reached a high of $3,517. This is a psychological level which also coincides with the 2,021 resistance levels. Therefore, it is likely that Ether will make a strong technical correction in the coming days with the target at 5/8 Murray (3,125). The token could even reach the top of the uptrend channel which was broken around the psychological level of $3,000.

ETH has a strong resistance at 6/8 of Murray around 3,750. If Ether extends its uptrend in the next few days, we could expect it to reach this area. It could be a good point to sell because the token is strongly overbought according to the daily and 4-hour charts.

In case ETH falls below the psychological level of 3,500, the correction will likely continue until the price reaches the psychological level of $3,000. Once this level is broken. ETH could continue its fall towards 4/8 Murray which represents the pivot point. From this level, it could resume its bullish cycle.

Our trading plan for the next few days according to the weekly chart will be to sell Ether below 3,500, with targets at 3,291, 3,125, and the psychological level of $3,000.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.