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In the early hours of the American session, the price of Ethereum ETH is trading within a technical pattern of a symmetrical triangle. The price has been consolidating since September 7 between a range of 3,550 - 3,120. There is no bullish signal for now as it is below the EMA of 200.
Investors can expect ETH to sharply break the technical pattern of the symmetrical triangle and consolidate above the 7/8 murray line located at 3,437. If that happens, it will be the beginning of a bullish scenario.
However, as long as it remains below the 8/8 murray line located at 3,750. Any bullish attempt or move that approaches this level will be an opportunity for bears to push Ethereum aggressively down. Besides, at this level there are fears that crypto investors could liquidate their call options. Therefore, for us it will be a good selling opportunity.
As long as Ethereum is trading within the triangle and below the 200 EMA, we can operate the bearish and bullish sequence on the sides of the triangle.
A sharp break and a consolidation below the 6/8 murray line located at 3,125 will be a sign of a bearish scenario. So, the price could easily reach the psychological level of 3.000. If the bearish force prevails, the price may reach the support of 2,812 and 5/8 level of murray.
Around 2,812 will be a good point, if you are thinking of buying ETH. Since the eagle indicator that measures the volume and strength of the market is showing an oversold signal, we must wait for a good critical support to buy.
Support and Resistance Levels for September 14 - 15, 2021
Resistance (3) 3,750
Resistance (2) 3,614
Resistance (1) 3,437
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Support (1) 3,125
Support (2) 2,938
Support (3) 2,772
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