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Ethereum is trading around 3,303 on the H4 chart under bearish pressure after trying to break 3/8 Murray and the 200 EMA, both coinciding at 3,430. In the next hours, we could expect a bearish continuation so that the token could drop to 2/8 Murray located at 3,125 and even to the psychological level of $3,000.
Bitcoin is also trading below the psychological level of $70,000, although in the last few hours, we saw a technical bounce from 65,000 towards 68,500. However, BTC is showing signs of exhaustion which is likely due to the positive correlation they have with Ethereum. Therefore, we could expect a drop in Ether to reach the psychological level of $3,000.
ETH/USD could find good support to make traders resume buying around 3,125 or in case there is a breakout and consolidation above 3/8 Murray around 3,437.
If the breakout of the bearish pennant pattern is confirmed in the next few days, we could expect Ether to reach the final target of 2,812.
The US NFP data could support a reversal in Ether's trend or support the bearish trend we saw over the past two weeks. Therefore, we can look for opportunities to buy above 3,436 or sell below 3,280.
This ongoing consolidation in ETH could favor a bullish movement. For this, we should expect it to consolidate above the 200 EMA located at 3,400 to buy with a target at 3,770.
A confirmation of the inverted pennant technical pattern could favor the bearish movement and the token could reach 3,125 and finally 2,860.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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