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Ethereum (ETH/USD) has been under bearish pressure over the weekend and is currently trading above the 2/8 Murray, which represents strong support for Ethereum. If ETH consolidates above $1,950, where the 21 SMA is located, in the coming hours, we could expect the cryptocurrency to recover.
On the H4 chart, we can see that ETH/USD has left a bullish pennant formation. It means that if there is a break above $1,950 and a consolidation above the 21 SMA, we could expect it to reach the upper band of the downtrend channel around $2,085. Ethereum could even rebound to the 200 EMA around $2,120.
A sharp break and consolidation above the downtrend channel and consolidation above $2,100 could be seen as a clear signal to buy Ethereum in the coming days. ETH could reach the 4/8 Murray around $2,500.
Conversely, if Ethereum falls below $1,950 and consolidates below the 2/8 Murray, the downward pressure could persist, and the crypto could reach the lower band of the downtrend channel around $1,660 and even plunge to the 1/8 Murray around the psychological level of $1,500.
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