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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.
Ethereum Technical Analysis: ETH/USD loses daily EMAs and uptrend and is at risk of falling towards $200
Lorenzo StroeLorenzo StroeIndependent Analyst

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

ETHUSD

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

ethusd

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

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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