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ETH/USD is trading around $2,693 with a slight uptrend after hitting a low of $2,600. However, since September 23, we have observed consolidation around this level, so we believe the downtrend could continue in the coming days.
If Ethereum consolidates below $2,683 and below the 21 SMA, the outlook could turn negative, and it could break the small trend channel formed since September 27; we could then expect ETH to reach the lower band of the downtrend channel around $2,560.
Ethereum has strong support around the 200-day EMA at $2,539; this area could offer a good entry point for long positions.
The Eagle indicator is showing a positive signal, so as long as the price consolidates above $2,650, we could continue buying Ethereum with targets at $2,720 and $2,776—the September 20 high.
The Eagle indicator is showing a positive signal, so we should exercise caution since there is currently no clear sell signal. If the scenario changes and the price consolidates below $2,650, we could expect a technical reversal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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