Lorenzo Stroe
Independent Analyst
- 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
-637299959709080137.png)
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
-637299959934864884.png)
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.
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