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Ethereum is trading around $2,029, below the 200 EMA and the 21 SMA, showing a bearish signal after attempting to consolidate above $2,150 during Wednesday's US trading session.
As we mentioned in yesterday's analysis, ETH/USD faces strong resistance below the 3/8 Murray line, which is why it attempted to break above $2,187 but failed. Since then, a sharp technical correction has been observed, and the price could continue to fall in the coming days.
Given that Ethereum is trading below the 200 EMA and below the 21 SMA, this gives us a bearish outlook. If a rebound occurs in the coming hours toward $2,076 or $2,104, it could be seen as an opportunity to continue selling with short-term targets around the lower band of the bearish trend channel at $1,875, which also coincides with the 2/8 Murray line.
If ETH manages to break back above $2,104, we could expect it to consolidate above this zone before opening long positions. However, we should also wait for a decisive break of the downtrend channel; once both conditions are met, we could expect it to reach the 3/8 Murray level around $2,187 and eventually reach the 4/8 Murray level around $2,500.
Given that the outlook for the instrument remains bearish, any pullback in the coming days—and as long as the price trades below the 3/8 Murray line—will be seen as a signal to continue selling, with targets around $1,875; a break below this level could even lead to a drop to the psychological level of $1,500.
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