FX.co ★ Trading Signals for Ethereum (ETH/USD) for May 14-17, 2024: buy above $2,900 (-1/8 Murray - strong support)

Ethereum (ETH/USD) is trading around 2,901, below the 21 SMA, and within the downtrend channel, though showing some resistance to falling as it found good support around 2,870.

ETH/USD has been consolidating above 2,900 for several days, which could be a positive signal. If a break and consolidation occurs above 2,930, we could expect the bullish cycle to resume. In case Ether trades above 2,940, it could reach the 200 EMA located at 3,106 and even 2/8 Murray located at 3,437.

Given that ETH has key support at 2,900, we will look for opportunities to buy above this level. On the contrary, in case there is a sharp break and consolidation below this area, Ether is likely to reach -2/8 Murray located at 2,812 and could even reach the bottom of the downtrend channel around 2,740.

The eagle indicator is approaching an oversold zone. So, it is likely that the bearish pressure is running out and Ether could gain momentum and make a sharp break above the bearish trend channel, which will be seen as an opportunity to buy.