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Ethereum (ETH/USD) is trading around 2,671, above the 21 SMA, and within the bullish trend channel forming since August 6. Ether is consolidating for several weeks above the psychological level of $2,500 and 0/8 Murray, which suggests that it could be accumulating capitalization to overcome the strong resistance of 2,826 where the 200 EMA is located.
In the next few hours, we could look for opportunities to buy Ether if it consolidates above 2,626 (21 SMA). Any pullback will be seen as an opportunity to buy, with targets at 2,710, 2,760 and finally, 2,826.
If Ethereum finds a strong resistance around $2,830, we could look for opportunities to sell, as it could continue trading within its bullish trend channel. This area could offer us a good point to sell.
A break and consolidation above 2,850 could favor the positive outlook for ETH/USD and it could reach the psychological level of $3,000 and eventually 2/8 Murray at 3,125, which would mean that the cryptocurrency is entering a bullish period.
Conversely, a consolidation below the psychological level of $2,500 could see the cryptocurrency fall sharply to reach the August 3 level at about $2,160.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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