ETH/USD is trading around $2,277.90, below the 200 EMA and within the uptrend channel formed since May 5. The chart shows that the instrument is reaching oversold levels, and we could expect a technical bounce above the 200 EMA.
If it consolidates above $2,282 in the coming hours, we could expect a recovery in cryptocurrency, potentially reaching the 21 SMA around $2,344 or the upper band of the bearish trend channel around $2,340.
ETH could continue its rise in the coming hours, so we will look for opportunities to open long positions as long as the price consolidates above $2,280, with targets at $2,344 and even $2,375.
Conversely, with a drop below the 200 EMA, the price could reach the 2/8 Murray level around $2,250; if this level is broken, Ethereum could experience a strong bearish sequence until reaching the 1/8 Murray zone around $2,125.
The Eagle indicator is showing a negative signal. Still, the price could find strong support around the $2,250 zone, so we expect this area to provide an opportunity to open long positions in the coming days.
