ETHEREUM (ETH) is trading around $1,606 and is pulling back after reaching a high of $1,650 during Wednesday's US trading session. Technically, this pullback could be seen as an opportunity to re-enter long positions.

According to the H4 chart, we can see that Ethereum has been trading within an uptrend channel formed since June 26. If it consolidates above $1,586 in the coming hours, the outlook is likely to be positive, and we could expect it to reach the upper band of the uptrend channel around $1,670.

Conversely, if bearish pressure prevails, Etherum is expected to find strong support near the lower band of the uptrend channel, around $1,560.

The Eagle indicator is showing a positive signal, so this pullback could be considered a 38.2% Fibonacci retracement zone. If Ethereum reaches the 61.8% level around $1,580, it could be seen as a buying opportunity in the coming hours.

A decisive break above $1,680 could drive ETH/USD toward the 200 EMA, reaching around $1,735, and it could ultimately hit the strong resistance at $1,750.