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){kind=link}
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.
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.