The ETH/USD pair is trading around $2,112 under bearish pressure and reaching exhaustion levels, so a recovery in Ether is expected in the coming days, potentially reaching the 2/8 Murray line or slightly below it, near the top of the bearish trend channel at $2,220.
If bearish pressure on Ether continues in the coming hours, it is expected to reach the lower band of the downtrend channel again around $2,060. This level could be seen as a turning point for a strong technical rebound and could be considered a buy signal, with targets at $2,151 and $2,220.
If the downward pressure continues, Ethereum has strong support around the 0.8 Murray level, located at the psychological level of $2,000. This zone could offer an opportunity for bulls to take long positions. This would mean that the cryptocurrency would enter a phase of sustained recovery until reaching the 200 EMA around $2,261.
If, in the coming hours, ETH/USD consolidates above the 21 SMA at $2,151, we could consider this level as a buy point with targets at $2,220 and the 2/8 Murray line around $2,250.
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