ETH/USD is trading around 3,659, above the 21 SMA, and within the uptrend channel forming since March 19. Having fallen to about near the psychological level of $3,000, the token started a strong technical rebound, approaching the key zone of 3,750.
ETH has a path to continue rising, but we can see that it is showing signs of exhaustion. So, Ether is likely to make a technical correction in the coming days towards the bottom of the uptrend channel around 3,453 (21 SMA).
A technical bounce above the 200 EMA located at 3,427 could be seen as an opportunity to buy Ether with the target at 4/8 Murray located at 3,750. The price could eventually reach the psychological level of $4,000.
On the contrary, we could look for opportunities to sell as long as ETH/USD trades lower and consolidates below 3,400. Then, it could resume the main bearish cycle and reach 2/8 Murray at 3,125 and finally, the psychological level of $3,000.
Our trading plan for the next few hours is to sell below 3,660 with the target at 3,400 and to buy around 3,453 with the target at 3,750.
The Eagle indicator is giving a positive signal and any technical correction has likely been seen as an opportunity to buy.
