In the ever-changing forex market, staying informed is crucial for success. Here's the latest professional analysis from InstaForex.
ETH/USD is trading around 3,053 during an upward cycle after breaking the downward trend channel formed since December 10. In the chart, we can see that Ether is approaching strong resistance around the 200 EMA and around the 2/8 Murray located at 3,125.
If ETH/USD encounters rejection around this strong resistance zone in the coming hours, it could be seen as an opportunity to open short positions, with a target at 2,990, where the 21 SMA is located. We could even expect the instrument to reach the 1/8 Murray around 2,812.
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On the contrary, a sharp break and consolidation above 3,125 could be seen as a positive signal for the short term, and Ethereum could reach 3/8 Murray around 3,437.
If the downward pressure prevails and ETH/USD falls below the psychological level of 3,000, we could expect its downward cycle to resume, and the second leading cryptocurrency could reach 1/8 Murray located at 2,812.
The Eagle indicator is showing a positive signal, so any pullback could be seen as an opportunity to open long positions in the coming days with a target at 3,437.
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