Angstrom comes with a package called connman (Connection Manager) for managing internet connections. It can be used to set a static IP address if the system requires this.
1. List all connections
$ connmanctl services
This returns your active connections. A wired Ethernet connection would be shown as ethernet_<mac_address>_cable.
2. Set the IP address
$ connmanctl config <connection> --ipv4 manual <ip address> <netmask> <gateway>
where <connection> was listed in Step 1, <ip address> is the desired static IP address, <netmask> is the subnet mask and <gateway> is the gateway IP address
The netmask and gateway address can be identified with
$ netstat -rn
Verify that the settings were written by examining the connection settings file located at /var/lib/connman/<connection>/settings
$ more /var/lib/connman/<connection>/settings
Here is an example console showing these commands and their output, where the static IP address is set to 192.168.1.150.