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Ethereum is trading around $2,107 within an uptrend channel formed since February 5, traced from the low of $1,733. ETH/USD could continue its rise in the coming days only if the price consolidates above the 21SMA and the instrument maintains its uptrend channel. If this scenario occurs, ETH is likely to reach $2,187 around the 3/8 Murray and could eventually reach the 4/8 Murray around $2,500.
A sharp breakout of the uptrend channel and a consolidation below the psychological level of $2,000 could lead to a pullback of Ethereum towards the 2/8 Murray located at $1,875. ETH could even reach the 1/8 Murray around $1,515.
If in the coming days ETH/USD forms a double bottom pattern around 1,733, and if the price rebounds above this zone, it could be seen as a point to open long positions as the crypto could reach $2,500 in the short term.
Another scenario could be that if ETH continues to rise from current price levels and encounters strong resistance around the upper band of the uptrend channel at around $2,380, this could be seen as an opportunity to open short positions.
In the extreme case, if Ethereum reaches the 4/8 Murray around $2,500, this level could be seen as a good point to sell, as there is strong downward pressure on weekly and daily charts, and this level could be a good point to sell.
The Eagle indicator is approaching the overbought zone, but it is still giving a positive signal, so any pullback in Ethereum could be seen as an opportunity to buy above the 21SMA.
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