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11.03.2024 05:55 PM
ETH/USD is trading around 4,032 and below 5/8 Murray with a strong bullish bias. We do not see a clear reversal. Nevertheless, we don't rule out a strong technical correction as 5/8 Murray will act as a barrier for Ethereum and could be seen as a signal to sell only if the price consolidates below 4,062.
Technically and according to the daily chart, the Ether has a strong resistance as it is trading around the psychological level of $4,000. Below this level, we could expect a technical correction. If ETH drops and stops around the 3/8 Murray which coincides with the 21 SMA at 3,420 there could be a technical bounce that could be used as a buying opportunity.
Our trading plan is to sell at current price levels as long as ETH trades below 4,062. Conversely, if Ether rises and consolidates above 4,070, we should avoid selling as it is likely to continue rising until it reaches 6/8 Murray around 4,375.
In view that ETH has been maintaining s strong uptrend for several sessions without a correction, ETH will likely find this 5/8 Murray zone as a resistance. Below 4,000, we could look for opportunities to sell.
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