Ethereum Technical Analysis: ETH/USD bears take control after price fails at the $245-level

ETH/USD bears remained in control for the second straight day.
The MACD shows decreasing bullish market momentum.
William’s %R has dropped below the overbought zone.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD bears remained in control as the price fell from $243.25 to $240.60. The price is currently consolidating in a pennant formation. The MACD shows decreasing bullish momentum. William’s %R dropped below the overbought zone following bearish price action.

Support and Resistance

ETH/USD faces two strong resistance levels on the upside at $244.25 and $248.68. On the downside, the price has four healthy support levels at $233, SMA 20, $215.50 and SMA 50.

Key levels

ETH/USD

Overview
Today last price	240.71
Today Daily Change	-2.59
Today Daily Change %	-1.06
Today daily open	243.3

Trends
Daily SMA20	218.14
Daily SMA50	204.47
Daily SMA100	184.24
Daily SMA200	178.22

Levels
Previous Daily High	246.54
Previous Daily Low	236.15
Previous Weekly High	224.81
Previous Weekly Low	196.65
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	240.12
Daily Fibonacci 61.8%	242.57
Daily Pivot Point S1	237.45
Daily Pivot Point S2	231.6
Daily Pivot Point S3	227.06
Daily Pivot Point R1	247.85
Daily Pivot Point R2	252.39
Daily Pivot Point R3	258.24

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

XRP ticks up as risk-off mood, weak ETF demand cap recovery

Ripple (XRP) rebounds above $1.23 from support at $1.20 at the time of writing on Wednesday, as the broader cryptocurrency market pares losses triggered by escalating tensions in the Middle East.

Crypto Today: Bitcoin, Ethereum pare losses as XRP rebounds amid escalating tensions in the Middle East

The cryptocurrency market remains largely under pressure on Wednesday amid escalating tensions in the Middle East. After plunging from its May high of $82,823, Bitcoin (BTC) is showing signs of stabilization, consolidating above the key $67,000 support level.

Bitcoin takes a breather above $65,000 amid swelling institutional pressure

Bitcoin hovers above $67,000 as of Wednesday, taking a breather after over 6% loss the previous day. Whales are reducing their BTC holdings, likely influenced by the 12-day streak of ETF outflows.

Ondo extends gains, defying the broader market crash

ONDO extends gains on Wednesday, after rising 9% the previous day. Early access to Ondo Perps, offering 24/7 perpetual futures on US stocks, ETFs, and commodities, fuels the recovery.

Billions in ETF outflows don’t bode well

Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.

ETH/USD daily chart

Support and Resistance

Key levels

ETH/USD

Legal Text

Editor's Picks