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Ethereum (ETH/USD) is trading around $1,859, rebounding after hitting the lower band of the downtrend channel that formed in early May from the $2,400 level. ETH could face downward pressure and reach the psychological level of $1,750 in the coming days, which also coincides with the key -2/8 Murray support level.
Given that Ethereum has reached the lower band of the downtrend channel, if this proves to be solid support, we could expect a technical rebound, which could be seen as an opportunity to take long positions.
If Ethereum consolidates above $1,850 - $1,875, our outlook could turn positive, as above the -1/8 Murray level, Ethereum could retest the 21 SMA around $1,990 and potentially reach the psychological $2,000 level near the 0/8 Murray level.
Technically, Ethereum is reaching oversold levels. The Eagle indicator has reached 5 points, signaling an imminent technical rebound, but we must be cautious, as it is better to wait for consolidation around a solid support level before opening long positions.
When liquidity drops, most cryptocurrencies tend to make unexpected moves, so we could expect a sharp drop toward $1,750 before the price recovers or rebounds. We must therefore be very cautious, as the formation of a consolidation pattern could be interpreted as a buy signal.
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