Ethereum Technical Analysis: ETH/USD experiences two quick $400 fakeouts, bulls still in control
|- ETH/USD quickly climbed above $400 but got immediately rejected at $401.98.
- The second attempt happened four hours later peaking at $402.30 before, again, dropping fast.
Ethereum is currently trading at $396.61 after two rejections from $400. Fortunately for the bulls, neither rejection got any significant bearish continuation which means they are still in full control.
ETH/USD 15-minutes chart
-637322452400171904.png){kind=link}
After the first rejection at $401.98, Ethereum dropped to $398.27 and traded sideways for almost one hour before a notable drop towards $391.16, losing the 12-EMA and the 26-EMA briefly. Buyers managed to push Ethereum back above both EMAs and eventually tried to crack $400 again.
ETH/USD daily chart
-637322452558299551.png){kind=link}
Nothing has really changed for Ethereum on the daily chart, there is still a bull flag waiting to be confirmed and the 12-EMA at $350.95 currently, is trying to catch up with the price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.