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Ethereum (ETH/USD) is trading around $1,875, an area where the 3/8 Murray is located and within the uptrend channel formed since 2020.
The sharp technical correction over the last three weeks caused Ethereum to fall below the psychological level of $3,000 to levels of $1,800, losing more than 60% from its peak reached in July 2025.
It is likely that ETH/USD will remain under bearish pressure in the coming days and is expected to reach the bottom of the uptrend channel around $1,607.
If ETH consolidates above the 3/8 Murray in the coming hours, we could look for opportunities to buy with targets at the 4/8 Murray around $2,511.
On the other hand, a technical rebound around the $1,600 zone, where the lower band of the uptrend channel is located, will be seen as an opportunity to open long positions with targets at the 200 EMA around $2,636. This is a weekly trading plan.
We must be careful, as the Eagle indicator is showing a negative signal. Ethereum is likely to be under bearish pressure over the next few days as the $1,6000 - $2,000 zone could be a price range where we can look for positions to buy and sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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