FX.co ★ Trading Signals for Ethereum (ETH/USD) for August 14-20, 2024: buy above $2,670 ( 21 SMA - rebound)

Ethereum (ETH/USD) is trading around 2,649 and around the 21 SMA, touching the bottom of the uptrend channel forming since August 5.

Ether is likely to make a good technical bounce above 2,670. Then, it could continue its rise until the price reaches the 200 EMA located at 2,955. It could even approach the top of the uptrend channel which coincides with the psychological level of $3,000.

If Ether breaks the bullish trend channel, we could grasp the opportunity to sell below 2,663, with targets at 2,500 and finally at 1/8 of Murray at 2,187.

In case Ether bounces above the uptrend channel, it could continue its rise in the coming days. On the other hand, ETH should break the strong resistance of 2,955. If it fails to consolidate above the 200 EMA, it will be seen as an opportunity to sell with the target at 2,187.

The eagle indicator reached the overbought zone. Therefore, after a technical bounce and below 2,955, we may have an opportunity to sell.