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The ETH/USD pair is trading around $2,375, consolidating in this area and showing signs of exhaustion, as Ethereum has technically reached an overbought zone.
The upward momentum has stalled for Ethereum. However, this consolidation could attract more buyers, and we might expect it to continue rising in the coming days, potentially reaching the upper band of the uptrend channel formed since April 29 around $2,430 and possibly even reaching the 8/8 Murray line around $2,500.
If Ethereum falls below the 21 SMA and decisively breaks the uptrend channel, it could launch a bearish cycle. Therefore, we could watch the $2,345 area as a key level if we are considering a decision to sell.
A drop below $2,340 could lead Ethereum to reach the 200 EMA around $2,280. It could even reach the 6/8 Murray level around $2,250.
A drop below the 200 EMA and below the 6/8 Murray level could reverse the uptrend, and we could expect ETH to reach 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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