Ethereum Technical Analysis: ETH/USD almost slips below $400 after an extended consolidation period

ETH/USD is currently trading at $413 after a significant drop from its 2020-high.
Ethereum bulls defended the daily 12-EMA at $411.

Lorenzo Stroe Independent Analyst

Ethereum is obviously a bit weaker but defended the crucial support level at $400 and has bounced back up above the daily 12-EMA.

ETH/USD daily chart

The daily chart is still in an uptrend as anything above $363 is still considered a higher low, however, Ethereum’s momentum seems to be shifting in favor of the bears in the short-term.

ETH/USD 4-hour chart

The 4-hour chart is now in a downtrend after losing both EMAs which have crossed bearishly. Bulls are now looking at $420 as the next resistance level.

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.