FX.co ★ Trading Signals for Ethereum (ETH/USD) for August 30-31, 2024: buy above $2,500 (0/8 Murray - 200 EMA)

Ethereum is trading around 2527.11, within the bearish trend channel forming on August 24 and consolidating above the psychological level of 2,500.

Yesterday, Ether reached a high of 2,594, a level that coincided with strong weekly resistance because ETH has not been able to overcome this area on several occasions.

Currently, Ethereum is trading around $2,500 and is testing the top of the bearish trend channel. In case of a sharp break and consolidation above 2,550, we could expect the price to reach the 200 EMA located at 2,607. Once it surpasses the 2,530 level and breaks the strong resistance of 2,594, it could reach 1/8 Murray located at 2,812.

In case ETH falls below the psychological level of $2,500, the outlook will be negative and we could expect it to reach the low of August 27 around 2,396 and finally, it could reach the area of 2,258.