Ethereum Chart Analysis: ETH/USD push towards $228 indicates a slight recovery
- After crashing below $220, Ethereum bulls are back in town pushing the price back up.
- ETH/USD is close to climbing above the daily 26-EMA at $229.39.
Things weren’t looking good for Ethereum and the majority of cryptos. The bulls seem to be back and have managed to push ETH up to $228, close to the daily 26-EMA. This is an important support level that if defended, would indicate Ethereum is still slightly bullish.
ETH/USD daily chart
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If the bulls can climb above the daily 26-EMA and close around $230, Ethereum has a real chance of recovering completely after forming a clear bullish reversal candlestick on the daily chart. The trading volume has increased significantly and the RSI is only at around 50 points. The MACD has turned bearish but it’s not crucial right now, in fact, it could even indicate a possible bottom for ETH.
ETH/USD 1-hour chart
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Ethereum is trading above the 12-EMA and the 26-EMA and has confirmed an hourly uptrend. The buyers are not facing a lot of resistance to the upside until around $240. ETH could start consolidating within the next few hours while defending the 26-EMA.
ETH/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
