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Ethereum (ETH/USD) is trading around $2,344 after reaching the 7/8 Murray level around $2,380 and showing signs of extreme overbought conditions.
It has been in a strong consolidation phase since early August. On August 19, ETH rose sharply following the US Treasury Department's decision, which was beneficial to cryptocurrencies. In this instance, we saw an upward move that broke through the psychological $2,000 level and reached $2,274, representing a 20% gain.
If Ethereum consolidates below $2,375 in the coming hours, our outlook could turn bearish, and we could sell with targets at $2,250 or $2,125, waiting for a breather from the strong upward pressure before resuming the uptrend.
Our plan for the coming hours is to sell Ethereum below $2,375. However, if the price breaks above this zone, we should avoid selling, as the 7/8 Murray level represents strong resistance.
The Eagle indicator has reached 95 points, which supports our bearish strategy. We will look for opportunities to sell only below $2,375 and expect the price to reach $2,125 or the psychological level of $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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