ETH/USD Outlook: Technical Rebound Expected Above $2,187 Support

ETH/USD Rebounds Near Key Murray Support Zone

Ethereum (ETH/USD) is currently trading around $2,235, attempting a technical recovery after rebounding from a low of $2,201 near the 6/8 Murray level. According to the four-hour (H4) chart, price action is consolidating above the critical 6/8 Murray support at $2,187, indicating potential for a short-term bullish recovery.

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Sustained consolidation above $2,187 provides a bullish setup, offering buying opportunities with an initial target at $2,310. A broader momentum shift could push ETH/USD toward the upper boundary of the descending channel established in early October, currently aligned near $2,398.

Technical Context and Chart Patterns

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On November 4, Ethereum encountered firm resistance near the upper band of its downtrend channel, where the Eagle indicator flagged overbought conditions. Price action subsequently compressed into a symmetrical triangle pattern before breaking lower in a sharp drop during Thursday's US session.

Although residual downward pressure remains present, technical indicators suggest the move may be exhausted. The Eagle indicator is now entering oversold territory, which technically favors a bullish bounce from current consolidation levels.

Downside Risks and Support Levels

The overall short-term bullish bias relies strictly on price action holding above the $2,187 key pivot. A decisive breakdown below this support zone would invalidate the immediate recovery scenario, exposing ETH/USD to further declines toward the lower channel boundary near $2,100.

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