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01.03.2024 03:25 PM
Trading Signals for Ethereum (ETH/USD) on March 1-15, 2024: sell below $3,500 (5/8 Murray - overbought)

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Early in the American session, ETH/USD is trading around 3,428.28 with a strong uptrend as seen on the weekly chart.

ETH reached a high of $3,517. This is a psychological level which also coincides with the 2,021 resistance levels. Therefore, it is likely that Ether will make a strong technical correction in the coming days with the target at 5/8 Murray (3,125). The token could even reach the top of the uptrend channel which was broken around the psychological level of $3,000.

ETH has a strong resistance at 6/8 of Murray around 3,750. If Ether extends its uptrend in the next few days, we could expect it to reach this area. It could be a good point to sell because the token is strongly overbought according to the daily and 4-hour charts.

In case ETH falls below the psychological level of 3,500, the correction will likely continue until the price reaches the psychological level of $3,000. Once this level is broken. ETH could continue its fall towards 4/8 Murray which represents the pivot point. From this level, it could resume its bullish cycle.

Our trading plan for the next few days according to the weekly chart will be to sell Ether below 3,500, with targets at 3,291, 3,125, and the psychological level of $3,000.

Dimitrios Zappas,
Analytical expert of InstaForex
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