fxs_header_sponsor_anchor

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

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

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.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.