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Ethereum (ETH/USD) is trading around $2,006 below the 21 SMA within the downtrend channel formed since January 28 under bearish pressure.
The H4 chart shows that Ethereum is consolidating around the psychological level of $2,000, which means that in the coming days, the instrument could make a bearish movement towards the 2/8 Murray located at $1,875. ETH could even plunge to the 1/8 Murray around $1,515.
If Ethereum recovers some of its losses, we could expect it to consolidate above the 21 EMA located around $2,006 and then continue its upward bias and reach the 3/8 Murray at $2,187. Finally, it could reach the 4/8 Murray around $2,500.
The key idea to sell ETH/USD in the coming hours is to watch the price move within the downtrend channel. In this case, we could expect the target of $1,875 or the February 5 low around $1,718.
The Eagle indicator is showing a neutral signal, so we should wait for confirmation to buy above $2,100 or continue with our selling strategy below $2,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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