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Ethereum Technical Analysis: ETH/USD bulls lose steam at $246 resistance level

  • ETH/USD bears regain control following a bullish Tuesday.
  • Bulls need to defend the $241.85 support level to prevent further price drop.
Ethereum Technical Analysis: ETH/USD bulls lose steam at $246 resistance level
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD daily chart

ETH/USD daily chart

ETH/USD faces a bearish correction following a heavily bullish Tuesday. The price ran out of momentum near the $246 resistance level and has dropped to $244.60. The bulls must defend the $241.85 support line to ensure that the price doesn’t fall back inside the pennant formation. If the bears do conquer that level, they will face further support at $238.25 (SMA 20), and $236.45 (SMA 50). On the upside, we have two strong resistance levels at $246 and $248.55.

Key levels

ETH/USD

Overview
Today last price244.35
Today Daily Change8.18
Today Daily Change %3.46
Today daily open236.17
 
Trends
Daily SMA20236.49
Daily SMA50236.12
Daily SMA100216.82
Daily SMA200199.4
 
Levels
Previous Daily High239.88
Previous Daily Low234.28
Previous Weekly High245.34
Previous Weekly Low229.78
Previous Monthly High253.48
Previous Monthly Low216.37
Daily Fibonacci 38.2%236.42
Daily Fibonacci 61.8%237.74
Daily Pivot Point S1233.68
Daily Pivot Point S2231.18
Daily Pivot Point S3228.07
Daily Pivot Point R1239.28
Daily Pivot Point R2242.38
Daily Pivot Point R3244.88


 

Author

Rajarshi Mitra

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.

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Ethereum Technical Analysis: ETH/USD bulls lose steam at $246 resistance level