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On the morning of the American session, the ETH/USD pair is trading within an uptrend channel since April 1, and above the 21 SMA on 4H charts. It still maintains its strong uptrend.
JPMorgan analysts believe that ETH/USD should trade at a price of $1,000, more than 70% below its current price.
The current and inaccurate value is due to increased institutional investments and network improvements according to analysts. They claim that these factors have led to a price increase, but the current price does not reflect actual network usage.
This bubble could burst and Ethereum could fall to the support level of 3475. In the short term, there is the 7/8 of Murray and if it trades below this level there could be a change in trend until the support of the 200 EMA around 2,550 in the medium term.
On the technical level, we can observe the formation of a reversal pattern called shoulder head shoulders, while ether is trading below the psychological level of $4,000, this pattern could finish forming and there could be a downward movement to the 3400 area.
On the other hand, a pullback towards +1/8 of murray, we hope it is a good selling opportunity, in view of the fact that the eagle indicator is showing a bearish signal and a strong correction is imminent in the coming days.
Our recommendation is to sell below $ 4060 or the ETH trading below 3890 with targets at 3400 in the short term.
Support and Resistance Levels for May 11 - 12, 2021
Resistance (1) $4,178
Resistance (2) $4,278
Resistance (3) $4,456
Support (1) $3,927
Support (2) $3,649
Support (3) $3,400
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