Ethereum is trading around 3,014.42 under strong bearish pressure and within a downtrend channel forming since March 6. Over the past few days since April 11, ETH/USD has been trying to break the strong resistance at 3,281 but without success and dropped several times.
On April 28, Ethereum tried to consolidate above 3,300 but retreated due to strong bearish pressure. Currently, it is extending its bearish cycle. It is expected that if it consolidates below the 21 SMA, the price could reach -2/8 Murray located at 2,812 and even the 200 EMA located at 2,754.
The bearish pressure exerted on Ether could be alleviated and profits gained, if it consolidates above 3,281 in the next few days. Then, it could reach 2/8 Murray at 3,437 and finally, 4/8 of Murray located at 3,750.
The eagle indicator is giving an oversold signal. So, we believe Ether could get a technical bounce in the coming days if it finds a good bottom around the psychological level of $3,000 or around 2,750.
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