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ETH/USD is trading around 3,046.92, below the 21 SMA, and inside the downtrend channel forming since late March. Ether could continue its fall as it comes under bearish pressure and is likely to find immediate support around 1/8 Murray located at 2,812.
Technically, it is approaching an oversold zone. If a bounce occurs around 2,800, it could be seen as a signal to buy with the target at 3,700.
On the other hand, if ETH/USD breaks and consolidates above 2/8 Murray and above the 21 SMA, the bearish outlook could change and we could expect more gains in Ether and it could reach the 200 EMA located at 3,370.
A breakout of the bearish trend channel as well as consolidation above the 200 EMA and 3,400 will be seen as a signal to buy. So, we could expect 4/8 Murray to be reached at 3,750 and the crypto could finally reach the psychological level of $4,000.
Our trading plan for the next few hours is to sell ETH/USD below 3,100. As long as it trades below the 21 SMA, the token will remain under bearish pressure. For a consolidation above 3,150, we should avoid selling or wait for a confirmation for a technical rebound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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