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Ethereum (ETH/USD) is trading around $1,585, pulling back after a strong rally during Monday's US trading session. Ethereum has found solid support around the 21 SMA at $1,581. Above this level, we could expect ETH to resume its uptrend and continue rising in the coming days until it reaches the 200 EMA around $1,754.
If Ethereum falls below the 21 SMA at $1,580, we could expect it to continue falling in the coming days until it reaches the psychological level of $1,500.
If Ethereum reaches the $1,500 zone again, it could form a triple bottom pattern, which would be a positive signal, and this level could be seen as an opportunity to open long positions.
Given that Bitcoin is trading at the psychological level of $60,000, we could expect Ethereum to consolidate above $1,500 in the coming days, so any pullback in this zone will be seen as a buying opportunity.
On the chart, we observe a bearish channel that has been forming since June 15. Therefore, if Ethereum reaches $1,650, it will likely need to break decisively above this zone to continue rising. The first target could be the 2/8 Murray level around $1,750, followed by the 200 EMA around $1,754.
Above $1,750, the outlook could be more positive for buyers, and the price could reach the psychological level of $2,000.
If ETH breaks below $1,500, the downward momentum could accelerate, and the price could reach the 1/8 Murray level around $1,350.
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