Ethereum Technical Analysis: ETH/USD’s dip below $220 shows a clear shift in momentum

By June 15, 2020Ethereum
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  • ETH/USD is clearly in a daily downtrend after yet another leg down today on June 15.
  • Ethereum doesn’t have a lot of support nearby and will need to hold $200.

After a negative weekend dropping to $229, Ethereum continued trading downwards today on June 15. The low of the day is at $218, but we could still see more downside action. The selling pressure is really strong and could take Ethereum down to $200 as there aren’t many support levels on the way down.

ETH/USD daily chart

ETHUSD

Bears have clearly confirmed a daily downtrend for Ethereum after losing the last low and the daily 26-EMA at $228.98. The only real hope for the bulls would be to form a bullish reversal candlestick and climb above that 26-EMA. The MACD turned bearish on June 11 and it’s getting worse.

ETH/USD 4-hour chart

ethusd

Not a lot of hope for buyers here. Ethereum has painted seven consecutive red candlesticks on the chart after getting rejected from the 26-EMA. The next support level is right where the bulls stopped 10 hours ago at $217.61. A loss of this level could mean ETH dropping to $200 as there isn’t a lot of support.

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