ETH/USD experiences two quick $400 fakeouts, bulls still in control

August 6, 2020 John Ethereum 0

  • ETH/USD quickly climbed above $400 but got immediately rejected at $401.98.
  • The second attempt happened four hours later peaking at $402.30 before, again, dropping fast.

Ethereum is currently trading at $396.61 after two rejections from $400. Fortunately for the bulls, neither rejection got any significant bearish continuation which means they are still in full control. 

ETH/USD 15-minutes chart

After the first rejection at $401.98, Ethereum dropped to $398.27 and traded sideways for almost one hour before a notable drop towards $391.16, losing the 12-EMA and the 26-EMA briefly. Buyers managed to push Ethereum back above both EMAs and eventually tried to crack $400 again. 

ETH/USD daily chart

ethusd

Nothing has really changed for Ethereum on the daily chart, there is still a bull flag waiting to be confirmed and the 12-EMA at $350.95 currently,  is trying to catch up with the price.