FX.co ★ Trading Signals for ETH/USD on February 23-26, 2024: sell below $2,953 (7/8 Murray - 21SMA)

ETH/USD is trading around 2,938, below the 21 SMA, and below 7/8 Murray. The H4 chart shows a strong accumulation after Ether reached the psychological level of $3,000. In the next few hours, we expect ETH to continue its technical correction and it could reach the bottom of the trend channel around 2,820.

Since February 20, ETH has been showing signs of exhaustion. The eagle indicator is giving overbought signals. Therefore, a strong technical correction is expected to occur in the coming days, but for this, we should wait for a breakout of the uptrend channel forming since January 29. If this scenario occurs, ETH could reach the 200 EMA at 2,602 and even the psychological level of 2,500 around 4/8 Murray.

If ETH/USD consolidates above 2,968 (7/8 Murray) in the coming days, this area could give it additional bullish momentum and we could expect the price to reach 8/8 Murray at 3,125.

Thus, as long as ETH trades below the 21 SMA located at 2,953, our outlook will remain negative and we could continue selling in the coming days with the target at 2,500.