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Ethereum (ETH/USD) is trading around $1,910, rebounding after reaching a low of $1,820 during the weekend session. Ethereum is rebounding above the 2/8 Murray and is likely to reach the 21 SMA located at $1,957.
Technically, it is likely that the ETH bearish cycle will resume in the coming days. Hence, the crypto could reach the bottom of the downtrend channel around $1,765.
In case of a sharp breakout of the downtrend channel and consolidation below the 2/8 Murray, we can expect ETH to fall to the 1/8 Murray around $1,562.
The key level of the 1/8 Murray could be the target for bears, and Ethereum is expected to reach this level in the coming days.
On the contrary, a consolidation above the downtrend channel and a consolidation above the psychological level of $2,000 could lead to a recovery in Ethereum, which could reach the 3/8 Murray around $2,187, the 200 EMA around $2,272, and finally, the 4/8 Murray around $2,500.
The Eagle indicator has reached oversold levels and is showing a positive signal. However, there is downward pressure, and Ethereum could resume its bearish cycle.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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