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Early in the American session, ETH/USD (Ether) is trading around 2,220.17 with a strongly bearish bias. However, closing around strong support located at 6/8 Murray (2,187) is expected to put a stop to the decline in this area.
If this support (6/8 Murray) is broken in the next few hours, we anticipate the last weekly support at around 2,167. This level was reached on January 7. It may likely serve as a key point that could give the token a strong technical rebound.
If Ether bounces above 6/8 Murray at 2,187, this could be seen as an opportunity to buy because the eagle indicator reached an extremely oversold zone on January 23. Therefore, a bounce is imminent in the next few days.
On the other hand, if Ether closes below 2,165, we reckon that in the next few hours, the price could reach 5/8 Murray around 2,031 and could even accelerate its bearish movement. Finally, the instrument could reach the psychological level of $2,000.
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