ETH/USD is trading at $2,391 under bearish pressure and below both the 200 EMA and the 21 SMA. Ethereum could extend losses in the coming days and reach the lower band of the downtrend channel near $2,220.

Given the current downside bias, Ether is expected to move toward the 7/8 Murray level at 2,343. This zone has previously acted as strong support and provided a technical rebound opportunity. We should keep an eye on this level as a potential area for renewed upside momentum.

Conversely, consolidation above $2,400 could be seen as a bullish signal and open the path toward the 200 EMA near 2,520 or strong resistance around the 8/8 Murray level, located at the psychological level of $2,500. This could be a possible upside target in a bullish scenario.

The outlook for Ether could remain bearish if the price pulls back toward the psychological levels of $2,500 or $2,520. If Ether fails to break and consolidate above the 200 EMA, this could be seen as a bearish signal, with downside targets back toward $2,200.

A decisive break above $2,520 could reverse the trend, paving the way for a return to early-October price levels near $2,700 and even the +2/8 Murray level around $2,812.