Ethereum Technical Analysis: ETH/USD slides below $420 after BTC fails to hold $12,000
- ETH/USD has followed Bitcoin down after its failure to defend a crucial resistance level at $12,000.
- Ethereum is still ahead of other cryptos and it’s under a healthy consolidation period.
Ethereum is currently trading at $422 after a slight pullback from $433 following Bitcoin’s retreat below $12,000. There are no red flags just yet for Ethereum bulls and the daily uptrend is still intact.
ETH/USD daily chart
-637333601410276383.png)
The last support level for Ethereum is all the way down at $365. That level is the low of the daily uptrend, a failure to hold it, would mean a daily downtrend. There are other support levels for Ethereum however. Of course, $400 is a psychological support level, before that, Ethereum buyers have the 12-EMA at $410. Further contention is seen at the 26-EMA at $376.
The RSI has cooled off slightly and the MACD crossed bearishly. The trading volume of Ethereum is declining but no bearish move has gotten any sort of continuation.
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.
