TRENDING:
US midterms
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ethereum Technical Analysis: ETH/USD drops to $216 hitting a monthly low indicating imminent trend reversal

  • ETH/USD was holding on after defending $225 and maintaining the daily uptrend.
  • On June 27, bears cracked $225 and $220 confirming a daily downtrend.
Ethereum Technical Analysis: ETH/USD drops to $216 hitting a monthly low indicating imminent trend reversal
Lorenzo StroeLorenzo StroeIndependent Analyst

Ethereum is currently trading at $226 after failing to defend the last daily low of $225. Unfortunately, bulls have lost the daily uptrend even though Ethereum has recovered from the $216.37 dip. 

ETH/USD daily chart

ETHUSD

Bulls were not able to defend the crucial $225 level and lost the daily uptrend. Another critical indicator is now negative, the daily 12-EMA and 26-EMA have crossed bearishly for the first time since March 7. This cross is notable and indicates a strong reversal of the bullish trend. 

ETH/USD 4-hour chart

ETHUSD

Ethereum is close to confirming a 4-hour uptrend. Buyers need to climb above $227.79 and the 26-EMA at $226.66. An uptrend would only be a short-term consolation for the bulls as the daily downtrend would remain intact.

Author

Lorenzo Stroe

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.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple clings to $1.25 support as Binance reserves hit five-year low

Ripple clings to $1.25 support as Binance reserves hit five-year low

XRP bulls gather around $1.25, eyeing a short-term recovery attempt as the broader crypto market consolidates. Binance's XRP reserves fall sharply, reaching the lowest level since 2021 following the resumption of withdrawals on the exchange.

Crypto Today: Bitcoin, Ethereum, XRP under pressure as investors pull capital

Crypto Today: Bitcoin, Ethereum, XRP under pressure as investors pull capital

Bitcoin trades downward at $76,566 on Tuesday, testing six-week lows. Ethereum, like Bitcoin, trades under pressure as it consolidates within a narrow support range. Meanwhile, Ripple hovers marginally above $1.25.

Bitcoin risks deeper losses as the 200-day EMA comes under pressure

Bitcoin risks deeper losses as the 200-day EMA comes under pressure

Bitcoin slips toward the key support zone around $76,455 on Tuesday, after falling nearly 2% the previous day. The largest cryptocurrency by market capitalization nears a make-or-break level, with a daily close below $76,455 suggesting a deeper breakdown.

Top Altcoins Price Forecast: Ripple, Cardano, and Solana brace for further downside move

Top Altcoins Price Forecast: Ripple, Cardano, and Solana brace for further downside move

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL), remain weak ahead of the US midterm elections on Tuesday, as last week's $6.3 billion Binance hack has dampened social sentiment.

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.