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.

Lorenzo Stroe Independent Analyst

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

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

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

ETH/USD

Overview
Today last price	242.17
Today Daily Change	-2.64
Today Daily Change %	-1.08
Today daily open	244.81

Trends
Daily SMA20	223.37
Daily SMA50	208.38
Daily SMA100	184.72
Daily SMA200	179.16

Levels
Previous Daily High	245.41
Previous Daily Low	234.6
Previous Weekly High	253.48
Previous Weekly Low	224.48
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	241.28
Daily Fibonacci 61.8%	238.73
Daily Pivot Point S1	237.8
Daily Pivot Point S2	230.8
Daily Pivot Point S3	227
Daily Pivot Point R1	248.61
Daily Pivot Point R2	252.41
Daily Pivot Point R3	259.42

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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Ethereum Chart Analysis: ETH/USD possibly forming an equilibrium pattern on the daily chart