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Ethereum is trading around $1,960, undergoing a sharp technical correction after reaching a high of $2,160 during the US session on February 25.
In the coming days, ETH/USD is expected to continue its bearish cycle in case of consolidation above $1,950 and below the 2/8 Murray.
If the outlook is negative, we expect ETH to reach the 1/8 Murray around $1,562.50 or even the lower band of the downtrend channel around $1,500.
In case of a pullback towards the top of the downtrend channel or towards the 3/8 Murray located at $2,187, the instrument could reach the 200 EMA or around $2,207, which could be considered a signal to open short positions, as this entire area represents strong resistance for Ethereum.
The Eagle indicator is showing a negative signal, so the trading plan is to sell ETH/USD below the 200 EMA and below the 2/8 Murray, with a target at $1,500 in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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