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Ethereum Technical Analysis: ETH/USD breaking $248 could spark a huge bull move

  • Ethereum continues trading in a 4-hour uptrend that is slowing down.
  • ETH/USD had a significant rejection from $248 and has not recovered yet.
Ethereum Technical Analysis: ETH/USD breaking $248 could spark a huge bull move
Lorenzo StroeLorenzo StroeIndependent Analyst

The current ETH/USD uptrend on the 4-hour chart is slowing and it’s close to a bearish reversal. Bulls need to defend $239.22 support level to keep the trend going and Ethereum is trading at $242 at the time of writing, not far away from this key support level. 

Either way, Ethereum is also in a daily uptrend that will not be lost even if the 4-hour uptrend is. On the daily chart, the crucial support level is set at $224.47; however, bulls can look for closer support levels using the 12-EMA and the 26-EMA.

ETH/USD 4-hour chart

ETHUSD

If we ignore the bull move above $250 and subsequent crash to $224.47 on June 2, Ethereum is inside an ascending channel. Buyers have defended the 12-EMA several times but seem to have lost this level at the time of writing. If ETH closes below the EMA, the next support level will be the 26-EMA. 

ETH/USD technical levels

ETH/USD

Overview
Today last price242.18
Today Daily Change-1.12
Today Daily Change %-0.46
Today daily open243.3
 
Trends
Daily SMA20218.14
Daily SMA50204.47
Daily SMA100184.24
Daily SMA200178.22
 
Levels
Previous Daily High246.54
Previous Daily Low236.15
Previous Weekly High224.81
Previous Weekly Low196.65
Previous Monthly High247.15
Previous Monthly Low176.19
Daily Fibonacci 38.2%240.12
Daily Fibonacci 61.8%242.57
Daily Pivot Point S1237.45
Daily Pivot Point S2231.6
Daily Pivot Point S3227.06
Daily Pivot Point R1247.85
Daily Pivot Point R2252.39
Daily Pivot Point R3258.24

Author

Lorenzo Stroe

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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