ETH/USD loses daily EMAs and uptrend and is at risk of falling towards $200

July 18, 2020 John Ethereum 0

  • The drop of July 16 was fairly significant for Ethereum, losing both EMAs.
  • Ethereum price is currently at $233 only inches away from $230.

After the Twitter hack, ETH/USD dropped below both daily EMAs and lost $230 briefly. This also meant a loss of the daily uptrend and a clear shift in the momentum. 

ETH/USD daily chart

As of this point, Ethereum could be considered to be inside a downtrend again even though the $223 level hasn’t been lost yet. Bulls now need to climb above the daily EMAs again and crack $245 to re-confirm a daily uptrend.

ETH/USD 4-hour chart

ethusd

The 4-hour chart has clearly formed a bearish flag and Ethereum is already getting rejected off the 12-EMA at $234.08.