Ethereum Technical Analysis: ETH/USD drops to $216 hitting a monthly low indicating imminent trend reversal
|- ETH/USD was holding on after defending $225 and maintaining the daily uptrend.
- On June 27, bears cracked $225 and $220 confirming a daily downtrend.
Ethereum is currently trading at $226 after failing to defend the last daily low of $225. Unfortunately, bulls have lost the daily uptrend even though Ethereum has recovered from the $216.37 dip.
ETH/USD daily chart
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Bulls were not able to defend the crucial $225 level and lost the daily uptrend. Another critical indicator is now negative, the daily 12-EMA and 26-EMA have crossed bearishly for the first time since March 7. This cross is notable and indicates a strong reversal of the bullish trend.
ETH/USD 4-hour chart
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Ethereum is close to confirming a 4-hour uptrend. Buyers need to climb above $227.79 and the 26-EMA at $226.66. An uptrend would only be a short-term consolation for the bulls as the daily downtrend would remain intact.
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