Ethereum Technical Analysis: ETH/USD loses daily EMAs and uptrend and is at risk of falling towards $200
- The drop of July 16 was fairly significant for Ethereum, losing both EMAs.
- Ethereum price is currently at $233 only inches away from $230.
After the Twitter hack, ETH/USD dropped below both daily EMAs and lost $230 briefly. This also meant a loss of the daily uptrend and a clear shift in the momentum.
ETH/USD daily chart
-637306054477426478.png)
As of this point, Ethereum could be considered to be inside a downtrend again even though the $223 level hasn’t been lost yet. Bulls now need to climb above the daily EMAs again and crack $245 to re-confirm a daily uptrend.
ETH/USD 4-hour chart
-637306054639772238.png)
The 4-hour chart has clearly formed a bearish flag and Ethereum is already getting rejected off the 12-EMA at $234.08.
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.
More from Lorenzo Stroe
