After reaching the 2,180 level, which coincided with the upper band of the downtrend channe, ETH/USD attempted to break through the strong 3/8 Murray resistance level but failed. Since then, according to the H4 chart, a technical correction has been observed, and ETH is now trading below the 200 EMA and below the 21 SMA, suggesting that the downtrend could continue.

If ETH remains under downward pressure and consolidates below $2,100, we could expect it to reach the psychological level of $2,000 in the coming days, and ETH is also expected to reach the 2/8 Murray level around $1,875.

If ETH consolidates above the 200 EMA and above $2,120, we could expect a decisive breakout from the downtrend channel and a consolidation above the 3/8 Murray level. Then, ETH/USD could easily reach the March 16 high around $2,355 and ultimately reach the 4/8 Murray level around $2,500.

The Eagle indicator is showing a negative signal, so we expect ETH to come under bearish pressure in the coming days. Should a pullback occur toward the top of the downtrend channel at 2,160, this could be considered a signal to take short positions with targets at $2,000, $1,950, and $1,875.

If the bullish momentum prevails, we should expect the 3/8 Murray zone to act as strong resistance, since Ether has attempted to break above this level on several occasions since March but has been unsuccessful.