ETHEREUM is trading around $1,763, above the 2/8 Murray line, and rebounding after hitting the lower band of the downtrend channel formed since May 7 at around $1,714.
Ethereum is consolidating above the 2/8 Murray line, which represents strong support. If the price consolidates or remains above this area in the coming hours, it could be considered a buy signal with targets at the 3/8 Murray line around $1,875, and we could even expect it to reach the 21 SMA around $1,922.
Technically, ETH/USD is showing oversold conditions, so a recovery is expected in the coming hours. Given the technical picture, our outlook is positive for buying Ethereum at lower price levels, with targets at $1,875 and $1,950 near the upper band of the bearish trend channel.
If Ethereum consolidates below $1,750 in the coming hours, we must exercise great caution, as the bearish scenario could continue, and we could expect ETH to keep falling until it reaches the 1/8 Murray level around $1,650.
Our trading plan for the coming hours is to monitor whether the price consolidates above the upper band of the downtrend channel around $1,714. A more positive scenario with a bullish outlook would be for the price to consolidate above $1,750, at which point we could buy.
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