Ethereum Technical Analysis: ETH/USD slips below $240 and finds support at the daily 12-EMA
- Ethereum attempted to break $250 but got rejected and dipped to $236.8.
- Buyers defended the daily 12-EMA at $236.1.
- The daily uptrend remains intact.
Despite the violent move to the downside, Ethereum’s daily uptrend remains intact as anything above $225.66 is simply a higher low and a continuation of the trend. On June 24, ETH peaked at $249.26 and had an immediate rejection just like all the latest attempts.
ETH/USD daily chart
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As mentioned above, the daily chart is in an uptrend. The daily 12-EMA at $236.1 is a strong support level and it’s followed by $232.44, the 26-EMA. The RSI is still fairly extended despite the crash.
ETH/USD 4-hour chart
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The buyers are fighting to defend the 26-EMA at $238.21 after losing the 12-EMA. The 4-hour chart is still in an uptrend and bulls can create a bounce using the oversold RSI. At the same time, the sellers have created a possible bear flag that can be confirmed soon.
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.
