The whole cryptocurrency market has experienced a pretty solid crash today after a few days of pullback already. Bitcoin is currently trading at around $9700 while Ethereum has been able to defend the $200 level trading at $202 currently.
The bulls are now attempting to defend the 12-period EMA on the daily chart, however, even if they couldn’t, it would still no be the end of the daily uptrend as the low of this move is all the way down at $173.7
The next support if the 12-period EMA is broken would be the 26-period EMA and then the low of $173.7
Looking at the 4-hour chart it’s clear that ETH is in a downtrend. The RSI is approaching oversold levels which could help the bulls in the short term. The bulls were not able to defend the EMA’s here and they have actually crossed bearish already.
It’s important to note that the weekly chart is forming a bull flag even though the bears managed to break below the EMA’s.