Ethereum (ETH/USD) is trading around $1,875, below the 200-day exponential moving average (EMA) and the 21-day simple moving average (SMA), in a bearish trend. ETH is expected to continue falling in the coming days until it reaches the Murray 6/8 level at around $1,750.
Since July 12, ETH has been under downward pressure below the 200-day EMA, as it has repeatedly attempted—but failed—to consolidate above $1,960.
Given that Ethereum is reaching technically overbought levels, we can expect ETH to reach $1,750 in the coming days and possibly even pull back toward the Murray 5/8 level, around $1,625.
As a result of a recovery in the coming hours, the price could reach the strong resistance zone at $1,963, so we will look for buying opportunities above $1,892 with targets at $1,963, and we might even expect it to reach the psychological level of $2,000.
The Eagle indicator has reached overbought levels and has been showing a negative signal since July 24. Therefore, should a technical rebound occur in the coming hours, we will look for opportunities to continue selling in the coming days.
