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Since December 10, Ethereum has been trading within a price range of 4,150-3,700. At the moment, it is trading below the psychological level of 4,000 which means that the bearish pressure could lead to a drop to the 200 EMA located at 3,500.
In the 4-hour chart, we can see the wave movement of Ether within the price ranges. A technical rebound is expected around 4/8Murray at 3,750 or at the bottom of the range around 3,700.
On the daily chart, it can be seen that it has been maintaining an upward trend since September 22. Right now, Ether is testing this channel and may bounce above $ 3,700.
The eagle indicator has reached extreme oversold levels. A technical bounce above 4/8 Murray (3,750) or above the 200 EMA (3,491) is highly possible. The target will be located at the psychological level of 4,000 or higher at 4,375.
The medium-term outlook according to the daily chart continues to be positive for Ether. As long as it remains trading above the 200 EMA located at 3,490, there will be an opportunity to continue buying. The price could start a new bullish wave towards the psychological level of $5,000.
On the contrary, if the daily charts lose strength and fall below $ 3,400, we could expect the technical correction to continue and the price could reach the $ 2,500 level logged on September 22.
Our trading plan for the next few hours is to buy above the uptrend channel and above 4/8 Murray around $ 3,700. If Ether falls to the 200 EMA, it will give us another opportunity to buy around 3,495.
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