ETH/USD reached the high of 3,131.06, a key level that coincides with 8/8 Murray and at the same time a strong resistance zone which could be a barrier for Ether if it trades below this level in the coming hours.
Ether could make a technical correction in the coming hours if it consolidates below 3,126. Our objective will be to sell below this area, and the price could fall towards the 21 SMA located around the psychological level of $3,000.
ETH could gain bullish momentum if it consolidates above the psychological level of $3,000 or if it trades within the uptrend channel and bounces from the bottom of the bullish channel around 3,025. Then, it could allow the bulls to resume buying with targets at 3,125 and 3,200.
In case ETH/USD consolidates above 8/8 Murray in the coming days, we could expect a continuation of the bullish movement. The price could reach 3,281 (+1/8 Murray) and finally, 3,437 (+ 2/8 Murray), a level last seen in April 2022.
On the contrary, in case of a sharp break of the bullish trend channel formed since the beginning of February, we could expect a fall towards the 200 EMA located at 2,656.
Our outlook for the next few hours will be to sell Ether below 3,125 with the target at $3,000. Around this point, we should wait for a breakout or rebound to occur to make a decision.
