Lorenzo Stroe
Independent Analyst
- Ethereum is in a daily downtrend and has established a lower high at $232.80.
- Bulls still have a chance to create a daily equilibrium pattern by creating a higher low above $216.37.
Ethereum is not doing much after setting a clear daily lower high and losing the 12-EMA at $228.98 and the 26-EMA at $229.64. As long as the bulls can’t climb above both EMAs, the trend will remain the same.
ETH/USD daily chart
-637293851002475085.png)
Although buyers were not facing many resistance levels, the selling pressure was enough to make ETH fall below the daily EMAs, losing $230.
ETH/USD 4-hour chart
-637293851178240922.png)
The 4-hour chart is surprisingly still in an uptrend because Ethereum didn’t drop below $222.93, the last low. Bulls set a higher low at $223.31 which is a continuation of the uptrend but they are getting rejected from the 12-EMA and the 26-EMA. The next resistance area for buyers is around $230 up to $233.
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