Ethereum Technical Analysis: ETH/USD pauses at $247, but maintains strength with a daily bull flag
- ETH/USD topped at $246.86 on June 22 after a huge price surge.
- Ethereum is in a confirmed daily uptrend and awaits confirmation of the bull flag.
Ethereum had an amazing trading day on June 22, climbing above the daily 12-EMA and the 26-EMA and blasting through many daily resistance levels. The move was stopped at $246.86, but the bears got no continuation and ETH is still trading at around $244 at the time of writing. The next step for the bulls would be to crack $250.
ETH/USD daily chart
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After setting a higher low at $225.66, bulls managed to break the high of $237.21 and confirm a daily uptrend. If Ethereum continues trading sideways for the next few days, the daily 12-EMA will serve as the nearest support level. The only difficult resistance level buyers need to crack is $250 and the area around $250 until $253.47.
ETH/USD 4-hour chart
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The 4-hour chart also formed a clear bull flag. Bulls will use the 12-EMA at $239.66 for support if $240.86 is broken. As the daily chart, the 4-hour chart doesn’t show a lot of resistance levels nearby. The nearest resistance point is located at $246.86, other than that, only the area above $250 will pose a threat for the bull rally.
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.
