Ethereum Technical Analysis: ETH/USD drops below $240 again but maintains the daily uptrend

Ethereum had a nice rally towards $250 but seems to have failed to crack the crucial level again. The next 24 hours are going to be really important for Ethereum as bulls need to hold the daily 12-EMA at $235.32 to not lose momentum. 

ETH/USD daily chart

The daily chart formed a trendline on June 1 which is exactly where Ethereum got rejected on July 8. If the bears don’t see a lot of continuation, Ethereum can easily continue with its daily uptrend and eventually climb above $250. The absolute most important support level is $223.55, the low of the uptrend. If this level is broken, the daily uptrend will be lost. 

ETH/USD 4-hour chart

Amazingly, the 4-hour uptrend hasn’t been lost as the $234.62 level is intact. If bulls can hold that support level, they can easily continue with the uptrend or create an equilibrium pattern with a lower high.