Search ForexCrunch
  • Ethereum formed a daily uptrend on June 22.
  • ETH/USD is trading at $230.9 and needs to hold $225.66 to defend the daily uptrend.

Ethereum opened at $232.41 but didn’t manage to defend the daily 26-EMA currently established at $232.02. ETH/USD traded as low as $227.96 but has recovered above $230 for now. 

ETH/USD daily chart

ETHUSD

Ethereum formed a clear low on June 15 at $218.14. A few days later, bulls established a high at $237.21 and a higher low at $225.66. On June 22, Ethereum had a massive bull break towards $246.86 which confirmed the daily uptrend, unfortunately, the selling pressure was strong enough to push ETH below $230 again. 

ETH/USD 4-hour chart

ETHUSD

The 4-hour chart is in a downtrend but has established a higher low at $227.96 compared to $227.26. Buyers need to break $235.13 to confirm a 4-hour uptrend, but they are also facing the 12-EMA resistance level at $232.60 and the 26-EMA at $234.14.