Ethereum Technical Analysis: ETH/USD drops to $216 hitting a monthly low indicating imminent trend reversal
- ETH/USD was holding on after defending $225 and maintaining the daily uptrend.
- On June 27, bears cracked $225 and $220 confirming a daily downtrend.
Ethereum is currently trading at $226 after failing to defend the last daily low of $225. Unfortunately, bulls have lost the daily uptrend even though Ethereum has recovered from the $216.37 dip.
ETH/USD daily chart
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Bulls were not able to defend the crucial $225 level and lost the daily uptrend. Another critical indicator is now negative, the daily 12-EMA and 26-EMA have crossed bearishly for the first time since March 7. This cross is notable and indicates a strong reversal of the bullish trend.
ETH/USD 4-hour chart
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Ethereum is close to confirming a 4-hour uptrend. Buyers need to climb above $227.79 and the 26-EMA at $226.66. An uptrend would only be a short-term consolation for the bulls as the daily downtrend would remain intact.
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.
