Ethereum is trading around $2,064 above the 21 SMA and consolidating above the psychological level of $2,000 with a slightly positive bias.
If ETH/USD continues to trade above the 21 SMA in the coming hours, we could expect it to reach the 200 EMA around $2,099. Besides, once this level is exceeded, Ethereum will likely continue to rise until it reaches the 3/8 Murray at $2,187 and could even reach the top of the trend channel around $2,300.
A break below the psychological level of $2,000 and a consolidation below the 21 SMA could change the outlook for Ethereum. Thus, we could expect it to reach the bottom of the uptrend channel around $1,960. Once this level is broken, we could expect the crypto to reach the 2/8 Murray around $1,875.
The Eagle indicator is showing negative signals, so we expect Ethereum to continue falling in the coming days and could even reach the February 5 low around $1,715.
PAUTAN SEGERA
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