Ethereum Technical Analysis: ETH/USD defends $236 and looks to continue with its daily uptrend

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  • ETH/USD defended the daily 12-EMA at $236.16.
  • The uptrend is intact and bulls are looking for the next leg up.

Ethereum had a nice bull break on July 6 and continuation two days later. It is now under some healthy consolidation waiting for the next leg up above $249 and $250. 

ETH/USD daily chart

ethusd

As mentioned above, the daily uptrend is still in play with bulls defending the 12-EMA. Even if the support level is broken, the 26-EMA at $233.38 should also act as support. The most crucial level to hold is $223.31, the low of the uptrend.

ETH/USD 4-hour chart

ethusd

Unfortunately, the 4-hour uptrend was lost but the 26-EMA is currently being defended. More support levels can be found at $235.56 and $234.62. The $230 psychological level should also be a strong support point for bulls.

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