10.05.202416:05 Forex Analysis & Reviews: Trading Signals for Ethereum (ETH/USD) for May 10-15, 2024: buy above $2,960 (-1/8 Murray - 21 SMA)

Relevance up to 10:00 2024-05-24 UTC--4

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Ethereum is trading around 3,031.38, bouncing back after reaching the bottom of the uptrend channel forming since April 30. The outlook could be positive for Ether if it consolidates above the psychological level of $3,000 in the coming days.

In case ETH/USD makes a technical correction towards -1/8 Murray, around this area is the bottom of the uptrend channel that could be seen as an opportunity to buy with targets at 0/8 Murray located at 3,125. Eventually, the price could reach 1/8 Murray which coincides with the top of the uptrend channel around 3,281.

The eagle indicator is showing a positive signal. So, we believe that any pullback could be seen as a buying opportunity.

In case Ether falls below 2,960 and consolidates below this area, the outlook could be negative and we could expect the price to reach -2/8 of Murray located at 2,812.

For this weekend, we believe that Ethereum could strengthen so we will look for opportunities to buy above 2,970 or above the psychological level of $3,000, with targets at the 200 EMA located at 3,150 and finally, at 3,280.

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