ETH/USD is rebounding after reaching, during Wednesday's US trading session, the lower band of the uptrend channel formed since early July around $1,870—which also coincided with the 3/8 Murray level—and is now showing a bullish bias.

If the instrument continues to rise in the coming hours, we should expect it to consolidate above the 21 SMA and reach the July 26 high around $1,970 and ultimately the 4/8 Murray level near the psychological $2,000 mark.

The outlook for Ethereum remains bullish, so if it breaks above the $2,000 level, it could reach the upper band of the uptrend channel around $2,085.

Conversely, if ETH falls below the 3/8 Murray level and consolidates below the 200 EMA around $1,825, we could expect a trend reversal for Ethereum, and it could reach the 2/8 Murray level around $1,750 and ultimately the 1/8 Murray level around $1,625.

The Eagle indicator is showing positive signals, so any pullback—as long as the price consolidates above $1,800—will be seen as a signal to continue buying in the coming days.