ETH/USD playing with the $400 level while the market takes a pause

August 7, 2020 Editor Ethereum 0

  • ETH/USD is still fighting to stay above $400 as the entire market takes a brief pause.
  • Ethereum bulls are in control and are only facing a resistance point at $415.85.

Ethereum has remained relatively flat for the past four days as bulls and bears are fighting for the $400 level. The 2020-high remains at $415.21 with a support level located at $366.7 in the short-term.

ETH/USD daily chart

The 12-EMA is currently at $358.83, quite far from the actual price of $397. If Ethereum crashes, bulls can use the EMA as a support level. More support can be found at $327.87.  The RSI has cooled off slightly but remains in the overbought zone.

ETH/USD 4-hour chart

ethusd

Ethereum is defending the 12-EMA while buyers are waiting for the next leg up above $400. If the 12-EMA breaks, the 26-EMA at $386.46 should serve as a strong support point.