The ETH/USD crypto pair is trading around $2,036, below the 21-day SMA and the 200-day EMA, under bearish pressure and showing signs of exhaustion. Therefore, if the price consolidates above the psychological level of $2,000 in the coming days, it is likely to continue rising.
If the price falls below the psychological level of $2,000, we could expect the downtrend to continue, and it is likely to reach the 2/8 Murray level around $1,875 in the coming days.
Conversely, a decisive break of the bearish trend channel and consolidation above $2,000 and above $2,100 could be seen as a positive signal, and we could expect ETH to face strong resistance at the 3/8 Murray level around $2,187. Once this level is surpassed, the rally could be rapid, and Ethereum could reach the 4/8 Murray level around $2,500.
The Eagle indicator is showing a negative signal, so Ethereum is expected to remain under bearish pressure in the coming days. In case of a pullback toward $2,100, if the price fails to break above this zone, it will be seen as an opportunity to resume the bearish cycle, with targets at $2,000, $1,970, and $1,875.
