Ethereum Chart Analysis: ETH/USD possibly forming an equilibrium pattern on the daily chart
|- ETH/USD seems to have formed a clear higher low and lower high on the daily chart.
- The daily uptrend is intact but the trading volume is declining.
- Bulls have defended the daily 12-EMA two times in the last week.
Ethereum is trading at $242 at the time of writing after successfully defending the daily 12-EMA yesterday on June 7. ETH/USD dropped to $234.60 but the dip didn’t last long as buyers quickly jumped in and pushed Ethereum over $240 again, peaking at $245.40.
ETH/USD daily chart
-637272268127854633.png){kind=link}
The last lower high was formed on June 5 at $247.93, this is the resistance level the bulls need to break in order to see a bull run above $250 and $253.47, the last daily high. The daily RSI has cooled off and will not stop the bulls if ETH breaks above $247.93.
ETH/USD 4-hour chart
-637272268343962201.png){kind=link}
Ethereum has lost the 12-EMA and 26-EMA on the 4-hour chart a few times before but has managed to climb back up above them. ETH/USD was close to seeing a bearish cross of the 4-hour EMAs on June 7 but recovered before the cross. Bears are now pushing ETH below the 12-EMA ($242.41) again while the RSI is cooling off.
ETH/USD technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.