According to a 4-hour chart, Ethereum is trading above the 200 EMA and 21 SMA, showing signs of a likely bullish move with targets towards the strong resistance at $ 2,500 4/8 murray zone.
Some traders and analysts believe that Ethereum ETH / USD could rise 40% in the next few days. They could be right, but technically ETH should break and consolidate above $2,500 where there is the 4/8 of murray. It is important to watch this key level to be able to buy.
Conversely, if ETH leaves its bullish channel on 4-hour charts and consolidates below 2,150, it will be an opportunity to sell with targets at 2/8 of murray around 1875.
Our recommendation is to sell ETH, since the eagle indicator is in the overbought zone. A rise to the 2,500 level is likely. If it fails to consolidate in this zone, it will be a selling opportunity with targets at 1,875.
Support and Resistance Levels for July 06 - 07, 2021
Resistance (3) 2,587
Resistance (2) 2,488
Resistance (1) 2,349
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Support (1) 2,162
Support (2) 2,011
Support (3) 1,872
The material has been provided by InstaForex Company - www.instaforex.com