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02.04.2024 04:09 PM
ETH/USD is trading around 3,243 under a strong bearish trend after trying to surpass the 3,650 zone. Ether has been accumulating losses for 2 consecutive days. We believe that the fall could continue in the coming days.
According to the Fibonacci indicator, from the low of 3,125, Ether reached the high of 3,690, a level that coincided with the 61.8% Fibonacci area. This makes us think that this technical rebound has been an opportunity for the bears to look for sell positions.
If the downtrend prevails, we expect there to be a break below 2/8 Murray which could accelerate the decline, so the token could reach the 200 EMA located at 2,607.
Ether could find a strong bottom around 3,125 (2/8 Murray) or around the psychological level of $3,000. This area could be seen as an opportunity to buy. In case there is a rebound, we could look for buying opportunities with the target at 3,543.
On the contrary, if this level is breached, we could expect a bearish acceleration towards 0/8 Murray located at 2,500 which is the final target of the bears.
Meanwhile, any technical bounce or trading below the 21 SMA located at 3,543 or below the 38.2% Fibonacci at 3,437 will be seen as an opportunity to sell with targets at 3,125 and 2,812.
Since March 8, the eagle indicator has been producing a negative signal. Therefore, the bearish movement is likely to continue in the next few days.
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