ETH/USD almost slips below $400 after an extended consolidation period

August 19, 2020 John Ethereum 0

  • ETH/USD is currently trading at $413 after a significant drop from its 2020-high.
  • Ethereum bulls defended the daily 12-EMA at $411. 

Ethereum is obviously a bit weaker but defended the crucial support level at $400 and has bounced back up above the daily 12-EMA. 

ETH/USD daily chart

The daily chart is still in an uptrend as anything above $363 is still considered a higher low, however, Ethereum’s momentum seems to be shifting in favor of the bears in the short-term. 

ETH/USD 4-hour chart

ethusd

The 4-hour chart is now in a downtrend after losing both EMAs which have crossed bearishly. Bulls are now looking at $420 as the next resistance level.