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.

Rajarshi Mitra Independent Analyst

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 price	244.35
Today Daily Change	8.18
Today Daily Change %	3.46
Today daily open	236.17

Trends
Daily SMA20	236.49
Daily SMA50	236.12
Daily SMA100	216.82
Daily SMA200	199.4

Levels
Previous Daily High	239.88
Previous Daily Low	234.28
Previous Weekly High	245.34
Previous Weekly Low	229.78
Previous Monthly High	253.48
Previous Monthly Low	216.37
Daily Fibonacci 38.2%	236.42
Daily Fibonacci 61.8%	237.74
Daily Pivot Point S1	233.68
Daily Pivot Point S2	231.18
Daily Pivot Point S3	228.07
Daily Pivot Point R1	239.28
Daily Pivot Point R2	242.38
Daily Pivot Point R3	244.88

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.