Ethereum (ETH/USD) is trading around $2,048 below the 21 SMA and below the 200 EMA with a bearish bias after attempting to break the 3/8 Murray without success.
Ethereum is expected to continue falling in the coming days and could reach the 1/8 Murray around $1,850.
If, in the coming hours, ETH/USD pulls back towards the 200 EMA at $2,141, it will be seen as an opportunity to open short positions with targets at the psychological $2,000 level. This support is key as it coincides with the upper band of the uptrend channel around $1,800.
The Eagle indicator has reached extremely overbought levels and is showing a negative signal, so any technical rebound will be seen as a signal to continue selling in the coming days.
The key to watch is the price trading below the 3/8 Murray. Therefore, any rebound or if the price approaches this zone could be taken as a signal to sell.
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