ETH/USD is again trying to climb above $400 to continue with the uptrend

August 29, 2020 John Ethereum 0

  • ETH/USD is currently trading at $395 and extremely close to the daily 12-EMA.
  • The bulls need to climb above $396 and ideally $400 to regain control in the short-term.

Ethereum’s consolidation period has been a bit more pronounced than expected but the big support level at around $360 was held a few times in a row. 

ETH/USD daily chart

The daily uptrend remains intact because $360 has been holding quite well. Bulls are currently trying to climb above the daily 12-EMA at $396 and eying up $400 again. After the crucial resistance level, Ethereum buyers will face more resistance at $411.97 and then the 2020-high at $447.5.

Either way, the long-term is still heavily in favor of the bulls and a daily downtrend will not really mean much.