Ethereum is trading around $2,930 going through a technical correction after reaching the strong resistance zone around the 200 EMA and around the top of the downtrend channel formed since early December.

ETH/USD could be at risk of continuing to fall over the next few days if it consolidates below the psychological level of $3,000; it could even reach 1/8 of Murray around $2,812.

Ethereum should consolidate above $2,950 to look for opportunities to take long positions, and then it could reach $3,050 and even reach the 2/8 Murray around $3,125.

The Eagle indicator is showing a negative signal, so any technical rebound will be seen as an opportunity to open a position on the short-term target around $2,812. ETH could even reach the December 17 low around $2,750.

A break above $3,050 could change the scenario for ETH/USD, and we could expect it to return to the area of $3,125 and $3,375.