- 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
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.