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FX.co ★ Trading Signals for Ethereum (ETH/USD) on March 21-22, 2024: buy above $3,412 (3/8 Murray - 200 EMA)

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Forex Analysis:::2024-03-21T13:37:55

Trading Signals for Ethereum (ETH/USD) on March 21-22, 2024: buy above $3,412 (3/8 Murray - 200 EMA)

Trading Signals for Ethereum (ETH/USD) on March 21-22, 2024: buy above $3,412 (3/8 Murray - 200 EMA)

ETH/USD is trading around 3,541, above the 200 EMA, and above the downtrend channel forming since March 10 that was broken.

Ethereum quickly recovered after a sharp drop from the psychological level of $4,000 towards the psychological level of $3,000. There has been a recovery of more than 13% in the last 24 hours.

Ethereum reversed shortly after touching the 2/8 Murray (3,125) line which represents strong support. Ether could continue its bullish trend if it consolidates above 3/8 Murray located at 3,437.

Above this level, we believe it could continue its rise. In the short term, it could reach the psychological level of $4,000. It could even reach 6/8 Murray located at 4,375.

This strong recovery by ETH makes us think that in the medium term, it could reach the $5,000 level as long as it consolidates above 3,750 (4/8 Murray).

On the contrary, as long as it settles below 4/8 Murray, there could be a continuation of the bearish movement. So, in the short term, the crypto could reach the psychological level of $3,000 and even 1/8 of Murray located at 2,975.

Our trading plan for the next few hours is to buy ETH/USD above the 200 EMA located at 3,412 with the target at 3,750. Below this level, we should avoid buying since the downward cycle could resume.

Analyst InstaForex
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