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.
