Ethereum is trading around $2,252, rebounding after consolidating near the 2/8 Murray level, which represents strong support. However, there is a possibility of a further downtrend if the price encounters resistance near the 200 EMA.

The instrument could recover some of its losses and return to the $2,320 or $2,375 levels, around the 3/8 Murray line. If this scenario plays out, we should expect the price to remain above the 2/8 Murray line, and we could open long positions to buy with targets at $2,300 and $2,375.

If Ethereum falls below $2,250, the downtrend will be confirmed, with the price potentially reaching the lower band of the bearish trend channel formed since early May around $2,195.

A decisive break below the downtrend channel could lead Ethereum to reach the 1/8 Murray line around $2,125. Strong downward pressure could even persist until ETH reaches the psychological level of $2,000.

Given that the Eagle indicator has reached oversold levels and is giving a positive signal, we could very cautiously add long positions above $2,250 and wait to see how the price develops at each resistance level.