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Ethereum is trading around $1,974, below the 21 SMA and the downtrend channel. ETH is under bearish pressure, having climbed above the psychological level of $2,000 over the weekend.
Ethereum is expected to continue falling in the coming hours and could reach the 2/8 Murray around $1,873. It could even reach the February 5 low of around $1,730.
On the H4 chart, we can see that ETH/USD has got stuck in a downtrend channel formed since early February and is likely to remain under bearish pressure in the coming days.
The Eagle indicator has reached overbought levels. It is showing a negative signal; hence, ETH could continue to fall in the coming days.
On the H4 chart, we can see the formation of an inverted pennant pattern, so a sharp break below $1,920 could confirm further development of the bearish trend.
If there is a pullback towards the upper band of the downtrend channel, it could be seen as a good point to open short positions with targets at $1,700 or even at the 1/8 Murray around $1,515.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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