Ethereum Technical Analysis: ETH/USD comfortably trading above $400 waiting for the next leg up

Bulls finally managed to crack $400 on August 13 and are now comfortably trading at $246.
Ethereum is back under consolidation and waiting for the next leg up.

Lorenzo Stroe Independent Analyst

Ethereum is in a healthy and sturdy bull run. The rally is robust because bulls have been able to establish clear levels of support on the way up. Ideally, a good rally should have periods of consolidation and sideways trading before going up more.

ETH/USD daily chart

Similar to what happened two weeks ago, Ethereum is now trading sideways waiting for the 12-EMA to catch up. For now, there is a support level established at $412 and of course, the crucial $400 level.

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.