FX.co ★ Trading Signals for ETHER (ETH/USD) on March 8-11, 2024: sell below $4,062 (5/8 Murray - overbought)

ETH/USD is trading around 3,950 approaching the psychological level of $4,000 and with a strong bullish bias. ETH could extend its rise in the coming hours so that the price could reach 5/8 Murray at 4,062.

According to the daily chart, Ether is heading for the top of the uptrend channel forming since January 27. ETH is testing this area, which makes us think that if the price fails to reach 4,062 in the coming hours, we could expect a technical correction with the target at 4/8 Murray located at 3,750. Finally, it could reach the bottom of the uptrend channel around 3,437.

According to the eagle indicator, ETH has entered a strong overbought zone. Therefore, a technical correction is imminent below the psychological level of $4,000 in the coming days with the target at the SMA 21 located at 3,276.

After the strong technical correction seen three days ago when the ETH reached the low of 3,200, a strong rebound occurred. Now the token is producing overbought signals, and we could expect a technical correction again in the next few days if the price consolidates around or below 3,950.

If this scenario occurs and if ETH falls, the price could resume its bullish cycle. The important area is located between 3,437 and 3,276. Both levels represent strong support, so we could expect a technical bounce around these areas.

Our outlook for the next few hours is to sell ETH/USD at current price levels or wait for it to reach 5/8 of Murray to sell with the target at 3,400.