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ETH is trading around $2,665 within a downtrend channel that formed and is consolidating after a strong move that began in early September and peaked near $2,800.
In the coming days, ETH/USD is likely to fall, as it is technically overbought and the Eagle indicator is showing a bearish signal.
If Ethereum reaches the $2,700 area in the coming hours, this could be considered an opportunity to take short positions in anticipation of it reaching the lower band of the downtrend channel around $2,580 in the short term. Ultimately, we expect a strong consolidation around the psychological level of $2,500, which also coincides with the 200 EMA and the 8/8 Murray line.
A break above $2,700 could drive the price to its September 20 high around $2,800; however, this zone represents strong resistance as the +2/8 Murray level is located there, which is a point to take short positions.
Our strategy for the coming hours will be to wait for ETH/USD to reach resistance levels. As long as the cryptocurrency trades below the downtrend channel or reaches the upper band of the downtrend channel, this will be considered a signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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