Ethereum Technical Analysis: ETH/USD's dip below $220 shows a clear shift in momentum
|- ETH/USD is clearly in a daily downtrend after yet another leg down today on June 15.
- Ethereum doesn’t have a lot of support nearby and will need to hold $200.
After a negative weekend dropping to $229, Ethereum continued trading downwards today on June 15. The low of the day is at $218, but we could still see more downside action. The selling pressure is really strong and could take Ethereum down to $200 as there aren’t many support levels on the way down.
ETH/USD daily chart
-637278234046931123.png){kind=link}
Bears have clearly confirmed a daily downtrend for Ethereum after losing the last low and the daily 26-EMA at $228.98. The only real hope for the bulls would be to form a bullish reversal candlestick and climb above that 26-EMA. The MACD turned bearish on June 11 and it’s getting worse.
ETH/USD 4-hour chart
-637278234270573171.png){kind=link}
Not a lot of hope for buyers here. Ethereum has painted seven consecutive red candlesticks on the chart after getting rejected from the 26-EMA. The next support level is right where the bulls stopped 10 hours ago at $217.61. A loss of this level could mean ETH dropping to $200 as there isn’t a lot of support.
ETH/USD technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.