Ethereum (ETH/USD) is trading around $2,211, rebounding after finding solid support around $2,150. The H4 chart shows that Ethereum is within an uptrend channel and is likely to continue rising in the coming days until it reaches the psychological level of $2,500.
The crypto has strong support around the 3/8 Murray level at $2,187 and around the 200 EMA at $2,135; these levels could be considered a zone for opening long positions if the price rebounds above this area.
A decline and a break of the secondary uptrend channel, along with consolidation below $2,150, could accelerate its downward movement, and we expect Ether to reach the psychological level of $2,000 and could even reach the 2/8 Murray level around $1,875.
Given that ETH/USD is under bearish pressure, if a pullback occurs in the coming hours and reaches the 21 SMA around $2,275 or near its weekly high at $2,400, this will be seen as a signal to open short positions.
