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Ethereum is trading around $1,974, below the 21 SMA and the downtrend channel. ETH is under bearish pressure, having climbed above the psychological level of $2,000 over the weekend.
Ethereum is expected to continue falling in the coming hours and could reach the 2/8 Murray around $1,873. It could even reach the February 5 low of around $1,730.
On the H4 chart, we can see that ETH/USD has got stuck in a downtrend channel formed since early February and is likely to remain under bearish pressure in the coming days.
The Eagle indicator has reached overbought levels. It is showing a negative signal; hence, ETH could continue to fall in the coming days.
On the H4 chart, we can see the formation of an inverted pennant pattern, so a sharp break below $1,920 could confirm further development of the bearish trend.
If there is a pullback towards the upper band of the downtrend channel, it could be seen as a good point to open short positions with targets at $1,700 or even at the 1/8 Murray around $1,515.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
