Ethereum Technical Analysis: ETH/USD slips below $220 but defends long-term trendline, $240 next?
- On June 15, Ethereum briefly dipped below $220 but managed to recover in the same day and formed a bullish reversal candlestick.
- ETH/USD saw a decent amount of continuation the next day but couldn’t pass the daily 12-EMA.
- Ethereum is trying to climb above the 12-EMA again but has been unsuccessful so far.
Ethereum lost its daily uptrend and it is trading in a confirmed downtrend. The good news for the bulls is the fact that the daily 26-EMA has acted as support for the past week. Ethereum got really close to climbing above the daily 12-EMA yesterday on June 16 and poked above it today but got rejected quickly. Cryptos are still closely following the steps of the stock market which has been pretty quiet today.
ETH/USD daily chart
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Despite the loss of the daily uptrend, bulls still have some momentum after defending a long-term trendline marked with blue on the chart. There is another trendline, indicated with black, formed even longer ago on March 12 after the crash. This one was also not broken and indicates that the longer-term is still in favor of the buyers.
Another positive indicator for bulls is the defense of the daily 26-EMA. The continuation seen after the bullish reversal candlestick was decent, however, buyers are hoping to get more.
ETH/USD technical levels
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.
