Ethereum Technical Analysis: ETH/USD experiences two quick $400 fakeouts, bulls still in control
- ETH/USD quickly climbed above $400 but got immediately rejected at $401.98.
- The second attempt happened four hours later peaking at $402.30 before, again, dropping fast.
Ethereum is currently trading at $396.61 after two rejections from $400. Fortunately for the bulls, neither rejection got any significant bearish continuation which means they are still in full control.
ETH/USD 15-minutes chart
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After the first rejection at $401.98, Ethereum dropped to $398.27 and traded sideways for almost one hour before a notable drop towards $391.16, losing the 12-EMA and the 26-EMA briefly. Buyers managed to push Ethereum back above both EMAs and eventually tried to crack $400 again.
ETH/USD daily chart
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Nothing has really changed for Ethereum on the daily chart, there is still a bull flag waiting to be confirmed and the 12-EMA at $350.95 currently, is trying to catch up with the price.
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.
