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.

Lorenzo Stroe Independent 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

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 price	242.18
Today Daily Change	-1.12
Today Daily Change %	-0.46
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

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

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