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Ethereum Technical Analysis: ETH/USD continues trading sideways through a healthy consolidation period

FX Street
Updated:
  • ETH/USD is currently trading at $386 after a failed attempt to climb above $400.
  • The daily uptrend is still intact, however, bulls are losing some steam in the short-term.

Not much has changed for Etheruem which continues to be extremely bullish on all long-term timeframes. Buyers are still trying to crack $400 while bears are hoping to see a drop below $350 and perhaps confirm a daily downtrend.

ETH/USD daily chart

ETHUSD

The daily 12-EMA at $376 is still below the current price and it will be used by the buyers as a support level. The $363 low of August 7 will also remain as a strong support point. Ethereum remains under consolidation mode, something quite healthy considering the magnitude of the bull rally.

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