ETH/USD pair is trading around 4,237 within an upward trend channel that has formed since early August and is reaching resistance levels around the 6/8 Murray level.
In recent sessions, Ether has attempted to break the 6/8 Murray level around 4,375, however, it failed to break above this level, leading to a technical correction.
If ETH/USD falls below the 21SMA at 4,205 in the next few hours, it will be seen as a sign of a trend reversal.
If Ether consolidates below 4,205 on H4 charts, it could reach 5/8 of the Murray level at 4,062, and eventually reach 4/8 of the Murray level at 3,750.
If Ether continues trading within the uptrend channel above 4,205, it will be seen as a buy signal, with targets at 4,275 and even reaching 7/8 of the Murray level at 4,687.
The Eagle indicator is showing an overbought signal, so a strong technical correction is likely in the coming days. ETH/USD could reach the 3,500 level and even the psychological level of 3,000 in the coming days.
