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Ethereum Technical Analysis: ETH/USD gets rejected from $400 again

  • ETH/USD attempted to climb above $400 again but immediately dropped to $382.
  • Ethereum is still in a daily uptrend under healthy consolidation.
Ethereum Technical Analysis: ETH/USD gets rejected from $400 again
Lorenzo StroeLorenzo StroeIndependent Analyst

The price of Ethereum hasn’t changed much during the past few days despite the massive flash crash down to $330 suffered on August 2. The digital asset is currently fighting to stay above $400 but will not face a lot of resistance until $500. 

ETH/USD daily chart

ETHUSD

The 12-EMA in the daily chart is still only at $342 so it will take a few more days for it to catch up with the price. Ethereum hasn’t seen any major pullbacks yet and will use both EMAs for support if it happens. 

ETH/USD weekly chart

ethusd

The current candlestick is a DOJI but only because of the flash crash. The most important signal for Ethereum is the break of $363, which represented a major resistance level. If the bulls can stay above this level and close August, they will absolutely confirm a monthly uptrend.

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.

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