ETH/USD is trading around $2,263 after pulling back following several attempts yesterday. During the US trading session, the price broke above the downtrend channel that has been forming since October 18.
The Ethereum market is consolidating around $2,250. So, if it manages to break above the downtrend channel in the coming days, a rally toward the 200-day moving average—located around $2,400—could follow. Ultimately, if the upward momentum prevails, ETH could reach the Murray 8/8 level, close to the psychological threshold of $2,500.
Conversely, a rejection below the uptrend channel could lead to a continued decline toward $2,187—which represents strong support—and we should closely monitor the situation to see if a technical rebound occurs, which could be considered a positive sign.
If Ethereum continues to fall below the Murray 6/8 level, it could get stuck under bearish pressure, and we could expect it to reach the psychological level of $2,000.
According to the Eagle indicator, we should wait for a decisive breakout of the downtrend channel to open long positions or for a technical rebound toward the Murray 6/8 level to buy Ethereum in the coming days.
