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ETH is trading around $1,865, after rebounding from the 200-day exponential moving average (EMA) at around $1,846. The ETH/USD pair is under downward pressure, and if it breaks below the 200-day EMA and consolidates below this level, it could continue to fall in the coming days until it reaches the lower band of the uptrend channel, around $1,795.
On the other hand, if the ETH price rebounds above $1,846, it could reach the 21-period simple moving average (SMA) around $1,900, and ultimately, we expect it to reach the Murray 4/8 level near the psychological threshold of $2,000.
Since the 200-period exponential moving average (EMA) represents strong support for Ethereum, this could be interpreted as a positive buy signal for the coming days, with the expectation that it will reach $1,900 and $1,946.
The Eagle indicator is showing a negative signal, although it may be approaching oversold levels; therefore, we will look to buy in the coming days before the cryptocurrency's price resumes its downtrend.
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