Lorenzo Stroe
Independent Analyst
- ETH/USD formed another bullish reversal candlestick on the daily chart.
- Buyers failed to defend the daily 12-EMA at $235.12.
This is the second bullish reversal candlestick formed by Ethereum. The pattern can be seen on June 15 as well, where ETH/USD did get a decent amount of continuation the next day which eventually led to a significant break towards $250. Will history repeat itself? The situation is different but better for Ethereum as the digital asset is now in a daily uptrend and much closer to the daily 12-EMA.
ETH/USD daily chart
-637286933582688075.png)
Bulls are currently fighting to climb above the daily 12-EMA at $235.12 but have defended the 26-EMA at $232.24. The daily uptrend is intact because the low of $225.66 was not broken.
ETH/USD 4-hour chart
-637286933789278659.png)
It’s important to note that the bounce didn’t just happen over the course of one hour but almost 10. Buyers are facing the 12-EMA resistance level at $235.41 and the 26-EMA at $235.93. Both EMAs have crossed bearishly but could change back quickly if the bullish momentum continues.
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