Ethereum Technical Analysis: ETH/USD bounces from $227 and holds the daily uptrend
- ETH/USD formed another bullish reversal candlestick on the daily chart.
- Buyers failed to defend the daily 12-EMA at $235.12.
This is the second bullish reversal candlestick formed by Ethereum. The pattern can be seen on June 15 as well, where ETH/USD did get a decent amount of continuation the next day which eventually led to a significant break towards $250. Will history repeat itself? The situation is different but better for Ethereum as the digital asset is now in a daily uptrend and much closer to the daily 12-EMA.
ETH/USD daily chart
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Bulls are currently fighting to climb above the daily 12-EMA at $235.12 but have defended the 26-EMA at $232.24. The daily uptrend is intact because the low of $225.66 was not broken.
ETH/USD 4-hour chart
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It’s important to note that the bounce didn’t just happen over the course of one hour but almost 10. Buyers are facing the 12-EMA resistance level at $235.41 and the 26-EMA at $235.93. Both EMAs have crossed bearishly but could change back quickly if the bullish momentum continues.
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.
