ETH/USD is trading around 3,514 within the symmetrical triangle pattern, forming since March 6. On Sunday, ETH reached a high of 3,727, a level that coincided with the top of the symmetrical triangle. Now Ether is consolidating around the 21 SMA. So, we are likely to see a technical rebound in the coming hours or a continuation of the bearish movement.
In case ETH falls below the 21 SMA located at 3,468, it is likely to continue the bearish movement that began yesterday. The token may extend its slide towards the bottom of the symmetrical triangle pattern at about 3,230.
We believe that ETH could trade within this price range between 3,750 to 3,300 during the next few days. According to the symmetrical triangle pattern, the sideways channel is getting narrower.
If ETH/USD breaks and consolidates above 3,600, it could be seen as a signal to buy. In the short term, it could reach the high of 4,062 and could finally reach 6/8 of Murray located at 4,375.
Our trading plan for the next few hours is to continue selling Ether. Since we observe that there is a technical correction of ETH/USD and if it falls below 3,500, we could sell with targets at 3,410 and 3,230.
