Ethereum is trading around $2,947 under bearish pressure, having fallen below $3,080 and below the 2/8 Murray. Ether could continue its fall in the coming hours until it reaches 1/8 Murray around 2,850. It could even continue its decline and reach $2,500 around the 0/8 Murray.

On the daily chart, we can see that the instrument is trading within an uptrend channel formed since November 20 and is likely to find good support around $2,920.

If Ether rebounds in the coming hours and consolidates above $2,900, it could be seen as an opportunity to open long positions, with targets at $3,080 and $3,125.

A sharp break below the uptrend channel could be seen as a clear signal to sell in the medium term, and ETH/USD could reach the psychological level of $2,500.

If the price returns to trade above 2/8 Murray, the outlook could be positive, and we could enter long positions with a target at the 3/8 Murray around 3,437.