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Ethereum (ETH/USD) is trading around $1,967 within a downtrend channel formed since early February and showing negative signals. The crypto is expected to reach the 2/8 Murray target of around $1,875 in the coming days.
ETH is below the 21 SMA, suggesting that there is downward pressure and that it could reach the bottom of the downtrend channel around $1,600 in the medium term.
On the contrary, a sharp breakout of the downtrend channel and consolidation above $2,050 could lead to a sustained recovery of the token, which could climb as high as the 3/8 Murray around $2,187 and even reach the 200 EMA around $2,380.
The overall outlook remains bearish. Thus, if there is a move towards $2,050 and an unsuccessful attempt to break the upper band of the downtrend channel, it will be seen as an opportunity to open short positions with targets at the lower band of the downtrend channel around $1,600.
The Eagle indicator is showing a negative signal after reaching overbought levels, so we should be cautious as ETH is likely to remain under bearish pressure over the next few days.
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