ETH/USD is trading around $3,165 after a strong technical rebound from $2,700, gaining more than 21%.
Ether encountered strong resistance around the 200 EMA and around the top of the uptrend channel formed since November 20. We could expect a technical correction in the coming hours, and ETH could reach the psychological level of $3,000.
On the contrary, if Ether consolidates above the 200 EMA and above the top of the uptrend channel around $3,300, we could expect a new bullish sequence, and the instrument could reach 4/8 Murray around $3,750 in the coming days.
The Eagle indicator is showing the overbought market. Therefore, the odds are that the market will undergo a technical correction in the coming days, and ETH could reach the $2,800 level, which coincides with the bottom of the uptrend channel.
The outlook for Ethereum remains negative, and it is expected to reach the 0/8 Murray level around $2,500 in the medium term.
