Since June 25, Ethereum (ETH/USD) has begun a strong rally above $1,500, reaching $1,841 during Monday's US trading session. This represents a sharp increase of more than 20%. As a result, a technical correction is expected in the coming days, as the price has technically reached overbought levels.
On the H4 chart, we can see that Ethereum has consolidated above the Murray 2/8 line, the 200 EMA, and the 21-day moving average, reinforcing its positive outlook.
If the ETH price consolidates above $1,750 in the coming days, it is likely to continue rising until it reaches the Murray 3/8 line, around $1,875.
Beyond $1,875, ETH could reach the psychological level of $2,000; however, it may struggle to reach this target, as it is technically in overbought territory.
If, in the coming hours, the ETH price falls below the 200 EMA and the Murray 2/8 level, the outlook could turn negative, and a sharp technical correction toward the Murray 1/8 level—around $1,625, which also coincides with the lower band of the bullish channel—could be expected.
The Eagle indicator has reached overbought levels; however, the outlook for Ethereum remains positive, so it is likely to continue rising. A possible entry point for short positions could be if it reaches $1,875 or if the ETH price falls below $1,750.
