ETH/USD is trading around $1,572, having consolidated in this range since June 23. It is expected to rebound in the coming days and could reach the 1/8 Murray level around $1,625, eventually reaching the upper band of the uptrend channel around $1,670.
Given that Ethereum is currently trading below the 21 SMA, we should expect it to consolidate above $1,580 in the coming hours. We could then take long positions, as this would signal a recovery for Ethereum, with a potential target at the upper band of the downtrend channel and ultimately at the 2/8 Murray level around $1,750.
Conversely, if we see a decisive break below the secondary uptrend channel formed since June 25 and consolidation below $1,550, we could expect it to fall to the psychological level of $1,500 and potentially even reach the lower band of the uptrend channel at $1,432.
The Eagle indicator has reached oversold levels and is giving a positive signal, so we will look for buying opportunities in the coming hours, expecting the price to reach $1,750 in the next few days.
