Lorenzo Stroe
Independent Analyst
- On June 15, Ethereum briefly dipped below $220 but managed to recover in the same day and formed a bullish reversal candlestick.
- ETH/USD saw a decent amount of continuation the next day but couldn’t pass the daily 12-EMA.
- Ethereum is trying to climb above the 12-EMA again but has been unsuccessful so far.
Ethereum lost its daily uptrend and it is trading in a confirmed downtrend. The good news for the bulls is the fact that the daily 26-EMA has acted as support for the past week. Ethereum got really close to climbing above the daily 12-EMA yesterday on June 16 and poked above it today but got rejected quickly. Cryptos are still closely following the steps of the stock market which has been pretty quiet today.
ETH/USD daily chart
-637280161861220646.png)
Despite the loss of the daily uptrend, bulls still have some momentum after defending a long-term trendline marked with blue on the chart. There is another trendline, indicated with black, formed even longer ago on March 12 after the crash. This one was also not broken and indicates that the longer-term is still in favor of the buyers.
Another positive indicator for bulls is the defense of the daily 26-EMA. The continuation seen after the bullish reversal candlestick was decent, however, buyers are hoping to get more.
ETH/USD technical levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?