FX.co ★ Trading Signals for Ethereum (ETH/USD) on February 6-8, 2024: buy above $2,300 (1/8 Murray - 21 SMA)

Ethereum (ETH/USD) is trading around 2,323.93, above the 21 SMA, and below 2/8 Murray. Ether has formed a symmetrical triangle pattern. The price has broken this pattern but lacks bullish strength. For the bullish perspective to be confirmed, it should consolidate above $2,345.

In case ETH/USD gains momentum and consolidates above the 200 EMA located at 2,327, we could expect the price to continue rising and it could reach 3/8 Murray at 2,421. Eventually, it could reach 4/8 Murray around a psychological level of $2,500.

Otherwise, if Ether returns below the key level of $2,300, we could expect a decline and it could reach 1/8 Murray at 2,265. Finally, it could return to the low of January 25 around 2,168.

The eagle indicator is giving a positive signal. Ether will likely gain bullish strength in the coming hours, only if it breaks sharply the area of 2,345. Otherwise, we could expect a technical correction in ETH and the price could return to levels of 2,265 (1/8 Murray).