Ethereum is trading around $2,235, rebounding after hitting a low very close to the Murray 6/8 zone, around $2,201. According to the H4 chart, it is consolidating above the Murray 6/8 level, which looks promising for a recovery in the cryptocurrency.

If ETH consolidates above the Murray 6/8 level at $2,187 in the coming hours, this will be considered a buying opportunity with targets at $2,310; ultimately, we expect it to reach the upper band of the downtrend channel formed since early October, around $2,398.

On November 4, Ethereum reached a strong resistance zone around the upper band of the downtrend channel. As the Eagle indicator entered the overbought zone, the price formed a symmetrical triangle pattern. On Thursday, there was a sharp drop during the US trading session, and the token is currently recovering; however, downward pressure could persist, so we should keep an eye on the Murray 6/8 zone.

A technical bounce above $2,187 will be considered a bullish signal. A break below this zone could cause Ethereum to continue falling, and we expect it to reach the lower band of the downtrend channel, around $2,100.

Since the Eagle indicator is reaching oversold levels, we will technically look for buying opportunities in the coming hours.