ETH/USD is trading around $2,522, pulling back after reaching the 200 EMA—a level that coincided with the 50% Fibonacci retracement. ETH experienced a sharp decline from a high of 2,735 to a low of $2,400.
ETH could continue to fall in the coming days, reaching the $2,400 zone, and might even hit the September 14 low of around $2,370.
If Ether settles below the 8/8 Murray level in the coming hours, bearish pressure could continue in the coming days, and we could expect Ether to continue falling.
Conversely, if Ether consolidates above the 8/8 Murray line and above the psychological level of $2,500, we could view this area as a buying opportunity, with targets at the 200 EMA around $2,565; the next target could be the 61.8% Fibonacci retracement level around $2,614, and finally, we expect it to reach the strong resistance level that previously acted as support above $2,656.
A consolidation above the 200 EMA around $2,565 will be a bullish signal, and we could continue buying. We expect ETH to reach $2,700 and even $2,812 in the coming days.
Below $2,500, bearish pressure could continue over the next few days.
