Ethereum (ETH/USD) is trading around $2,025 after reaching $2,180, a level that coincided with the top of the downtrend channel formed since January 26. A technical correction is likely to occur below the 21 SMA in the coming days.

A good support level for Ethereum could be around the 2/8 Murray located at $1,875. This level could serve as a point for a technical rebound and an opportunity to open long positions with targets around $2,100.

A sharp break above the downtrend channel and consolidation at $2,100 could lead to a recovery in ETH/USD with targets around the psychological level of the 4/8 Murray located at $2,500.

In the medium term, cryptocurrencies are still expected to continue their bearish cycle. So, EHT is likely to sink to $1,875 in the coming days and could even return to its February low around $1,740.

A good point for bears is to wait until the price reaches the key level of $1,562. This level is important, but it could be breached. In this case, ETH could reach $1,250 around Murray's 0/8.

Therefore, a recovery of Ethereum could happen above $2,100, but a further bearish movement could be seen below the psychological level of $2,000.