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ETH/USD (Ethereum) is trading at $2,528, rebounding after reaching the psychological level of $2,500 during Thursday's US trading session. Technically, ETH has entered an oversold zone, and we could look for opportunities to take long positions above $2,500 in the coming hours.
On the H4 chart, we can see that the instrument has been trading within a downtrend channel formed since September 15, and the price has reached the lower band of this channel—which presents an opportunity for a technical bounce and could be viewed as a buy signal.
We also observe that the 8/8 Murray line is acting as strong support for Ethereum, coinciding with the psychological level of $2,500. Therefore, if a technical correction occurs toward this zone in the coming hours or the price consolidates above this level, it could be seen as an opportunity to buy Ethereum, with targets at the 200 EMA around $2,600 and, ultimately, we expect it to reach the +1/8 Murray level around $2,656.
A drop below the psychological level of $2,500 could change the outlook for Ethereum, and we could expect it to quickly reach the 7/8 Murray zone around $2,350—it could even reach the psychological level of $2,000.
Given that the Eagle indicator has reached oversold levels. From a technical perspective, we will look for buying opportunities in the coming days if the price consolidates above $2,500.
We believe that Ethereum will reach the $2,656 area again or could even reach the upper band of the downtrend channel around $2,675.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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