Ethereum is trading around 2,988.25, above the 21 SMA, and above 7/8 Murray which represents a technical reversal zone. After reaching the psychological level of $3000, Ether is declining. It is likely that in the coming hours a strong technical correction will occur and the token will reach the 21 SMA at 2890 and finally, the 6/8 Murray support at 2812.
ETH reached a new high around 3,027 and a technical correction below this area is expected in the coming hour. This could be seen as a signal to sell with targets at 2,890 and 2,760, a level that coincides with the bottom of the uptrend channel formed since January 30.
Only in case Ether trades below the psychological level of $3,000 we could expect a technical correction to occur in the next few hours towards 2,890 and from there, it could reach 2,812.
In case ETH/USD breaks the uptrend channel and a consolidates below 2,750 on the daily chart, we could expect a bearish acceleration to occur and the price could reach the monthly pivot point around $2,500.
According to the eagle indicator, Ether is showing an extremely overbought signal and a technical correction is likely in the coming days. Therefore, our trading plan will be to sell below $3,000.
