Ethereum (ETH/USD) is trading around $1,915, showing a recovery and rebounding after finding good support around $1,800, which coincided with the bottom of the downtrend channel, which in turn provided good support, giving the crypto an opportunity to recover some of its losses.
The H4 chart shows that ETH is consolidating above the 2/8 Murray and above the 21 SMA, which means that it could continue its rise if the price remains above $1,875.
Ethereum could be bullish if it continues to rise above the psychological level of $2,000 and breaks and consolidates above the downtrend channel. Then, it could reach the 200 EMA around $2,200 and finally, the 4/8 Murray around $2,500.
A bearish scenario could resurface if ETH/USD falls below the 2/8 Murray. Then, it could reach the February 5 low around $1,700 and finally, we could expect it to reach the 1/8 Murray around $1,515.
The Eagle indicator is showing a positive signal, so our strategy for the next few days will be to buy ETH/USD above $1,875 with targets at $2,000, 2,200, and finally, $2,500.
