Lorenzo Stroe
Independent Analyst
- 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
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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.
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