ETH/USD is trading around $2,343 within the downtrend channel that has been forming since late September and near the 7/8 Murray level, facing strong downward pressure but in oversold territory.

Ether is currently rebounding after hitting a low of around $2,290, though it is struggling to hold above the 7/8 Murray level, so we could expect consolidation above $2,300 in the coming days.

If Ether continues to trade within the downtrend channel but holds above the lower band of the downtrend channel, that could present a buying opportunity, as technically, we could expect a rebound.

Conversely, a recovery above the 7/8 Murray level would open the path toward the 21-day SMA near $2,472 and potentially the 200-day EMA around $2,549, a level that coincides with the upper band of the downtrend channel.

The Eagle indicator is in oversold territory and showing a positive signal, so a buying setup remains valid while the price stays above $2,300.