ETH/USD is trading around $1,878, rebounding after hitting the lower band of the uptrend channel formed since June 26. Ethereum could resume its uptrend in the coming hours; to confirm this, we need to monitor whether the price consolidates above the 3/8 Murray level.
After reaching its high of $1,955, ETH underwent a sharp technical correction, falling to $1,850—a level that coincided with the lower band of the uptrend channel—and we observed it rebounding from there.
Given that the uptrend channel is acting as support, we will look for buying opportunities in the coming days with a target at the 21 SMA at $1,916. Ultimately, we expect it to reach the 200 EMA around the psychological level of $2,000.
If bearish pressure prevails and Ethereum falls below $1,850, this could be seen as a negative signal. However, we can hope that a technical rebound might occur above $1,815, which could present an opportunity for a bullish signal.
If bearish pressure persists, and Ethereum falls below $1,800, it could experience a sharp decline toward the 2/8 Murray level around $1,750 and ultimately reach the 1/8 Murray level around $1,625.
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