Ethereum Technical Analysis: ETH/USD defends $236 and looks to continue with its daily uptrend
- ETH/USD defended the daily 12-EMA at $236.16.
- The uptrend is intact and bulls are looking for the next leg up.
Ethereum had a nice bull break on July 6 and continuation two days later. It is now under some healthy consolidation waiting for the next leg up above $249 and $250.
ETH/USD daily chart
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As mentioned above, the daily uptrend is still in play with bulls defending the 12-EMA. Even if the support level is broken, the 26-EMA at $233.38 should also act as support. The most crucial level to hold is $223.31, the low of the uptrend.
ETH/USD 4-hour chart
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Unfortunately, the 4-hour uptrend was lost but the 26-EMA is currently being defended. More support levels can be found at $235.56 and $234.62. The $230 psychological level should also be a strong support point for bulls.
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.
