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Ethereum (ETH/USD) is trading around $2,935, within a downtrend channel formed since December 10 and below the 21 SMA and below the 200 EMA, which adds pressure to the cryptocurrency.
If ETH continues its bearish cycle, we could expect it to reach the 1/8 Murray around $2,812. If the bearish force prevails, we could expect it to reach 0/8 Murray around $2,500.
If Ether breaks decisively and consolidates above the psychological level of $3,000, it could be seen as a signal to buy this crypto, with a target at 2/8 Murray around $3,125. ETH could even reach the December 10 high around the 3/8 Murray located at $3,437.
Ethereum will likely continue its fall in the coming days, as there is a clear-cut bearish outlook for Bitcoin, which could affect other cryptocurrencies. The odds are that ETH will reach $2,500 by the end of the year.
Only a consolidation above the 200 EMA could change the outlook for Ethereum, and in turn, this could favor an upward movement as the Eagle indicator is reaching oversold levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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