ETH/USD is trading around 4,307, bouncing below the 21 SMA, below the 6/8 Murray SMA and within a bearish trend channel formed on August 23. Ether reached its high near $5,000 in August and has been retreating from that level.
Ether is now in a key zone above the 200 EMA, which we believe could provide stability, but we need the price to consolidate above 4,380$ to resume its bullish cycle and then buy.
If Ether falls below 4,273, bearish pressure will persist, pushing the price to 5/8 of the Murray level at 4,062 and even reaching the bottom of the bearish trend channel around 3,868.
The Eagle indicator is showing a positive signal, so we should pay attention to the Ethereum price to consolidate above 4,380. Then, we could buy with targets at 4,687 and at the psychological level of $5,000.
