Lorenzo Stroe
Independent Analyst
- Ethereum attempted to break $250 but got rejected and dipped to $236.8.
- Buyers defended the daily 12-EMA at $236.1.
- The daily uptrend remains intact.
Despite the violent move to the downside, Ethereum’s daily uptrend remains intact as anything above $225.66 is simply a higher low and a continuation of the trend. On June 24, ETH peaked at $249.26 and had an immediate rejection just like all the latest attempts.
ETH/USD daily chart
-637286039439987045.png)
As mentioned above, the daily chart is in an uptrend. The daily 12-EMA at $236.1 is a strong support level and it’s followed by $232.44, the 26-EMA. The RSI is still fairly extended despite the crash.
ETH/USD 4-hour chart
-637286039659681673.png)
The buyers are fighting to defend the 26-EMA at $238.21 after losing the 12-EMA. The 4-hour chart is still in an uptrend and bulls can create a bounce using the oversold RSI. At the same time, the sellers have created a possible bear flag that can be confirmed soon.
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