Ethereum Technical Analysis: ETH/USD plummets to $237, recovers instantly

Ethereum had a significant bull break and touched $250 on some exchanges.
The run only lasted a few minutes and ETH/USD started to drop.
The digital asset dropped as low as $237 within the same hour as the bull break.

Lorenzo Stroe Independent Analyst

A wild day for Ethereum today on June 9. The digital asset was trading sideways at around $242 before a massive bull break up to $250. This move only lasted a couple of minutes as bears quickly took over and pushed ETH below $240, hitting $237.01.

This is not the first volatile move we have seen after the recent rejection from $253.47. Almost all the top cryptocurrencies have experienced massive spikes followed by crashes during the past few days.

ETH/USD 1-hour chart

Ethereum is trading sideways, but we see a lot of drops and breakouts that are getting no continuation. The most recent one is the biggest by far and indicates that the market is extremely indecisive right now. Ignoring this huge candlestick, Ethereum has not been in a clear hourly uptrend in days.

ETH/USD 15-minutes chart

A small bull break took Ethereum up to $244.78 breaking all the resistance levels set after the massive rejection. ETH/USD is in an uptrend at the time of writing and it’s looking to break $250 next.

ETH/USD technical levels

ETH/USD

Overview
Today last price	243.68
Today Daily Change	-2.93
Today Daily Change %	-1.19
Today daily open	246.61

Trends
Daily SMA20	224.97
Daily SMA50	209.7
Daily SMA100	185.01
Daily SMA200	179.52

Levels
Previous Daily High	247.83
Previous Daily Low	241.1
Previous Weekly High	253.48
Previous Weekly Low	224.48
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	245.26
Daily Fibonacci 61.8%	243.67
Daily Pivot Point S1	242.54
Daily Pivot Point S2	238.46
Daily Pivot Point S3	235.81
Daily Pivot Point R1	249.26
Daily Pivot Point R2	251.91
Daily Pivot Point R3	255.99

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.

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Ethereum Technical Analysis: ETH/USD plummets to $237, recovers instantly