Home Ethereum Technical Analysis: ETH/USD slides below $420 after BTC fails to hold $12,000
Crypto News

Ethereum Technical Analysis: ETH/USD slides below $420 after BTC fails to hold $12,000

FX Street
Updated:
  • ETH/USD has followed Bitcoin after its failure to defend a crucial resistance level at $12,000.
  • Ethereum is still ahead of other cryptos and it’s under a healthy consolidation period.

Ethereum is currently trading at $422 after a slight pullback from $433 following Bitcoin’s pullback below $12,000. There are no red flags just yet for Ethereum bulls and the daily uptrend is still intact.

ETH/USD daily chart

ETHUSD

The last support level for Ethereum is all the way down at $365. That level is the low of the daily uptrend, a failure to hold it, would mean a daily downtrend. There are other support levels for Ethereum however. Of course, $400 is a psychological support level, before that Ethereum buyers have the 12-EMA at $410 and the 26-EMA at $376.

The RSI has cooled off slightly and the MACD crossed bearishly. The trading volume of Ethereum is declining but no bearish move has gotten any sort of continuation.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024