Ethereum Technical Analysis: ETH/USD continues trading sideways through a healthy consolidation period

ETH/USD is currently trading at $386 after a failed attempt to climb above $400.
The daily uptrend is still intact, however, bulls are losing some steam in the short-term.

Lorenzo Stroe Independent Analyst

Not much has changed for Etheruem which continues to be extremely bullish on all long-term timeframes. Buyers are still trying to crack $400 while bears are hoping to see a drop below $350 and perhaps confirm a daily downtrend.

ETH/USD daily chart

The daily 12-EMA at $376 is still below the current price and it will be used by the buyers as a support level. The $363 low of August 7 will also remain as a strong support point. Ethereum remains under consolidation mode, something quite healthy considering the magnitude of the bull rally.

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.

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