Lorenzo Stroe
Independent Analyst
- After the recent rejection at $250, Ethereum bears were able to take over and bring the digital asset down to $225.
- ETH/USD is recovering well trading at $236 at the time of writing.
What initially seemed like a mild rejection turned out to be a significant one. Ethereum plummeted to $225 in less than eight hours and was close to breaking below $224.47 support, formed on June 2 after the rejection from $253.47.
ETH/USD 4-hour chart
-637275628528531955.png)
Ethereum has clearly lost the 4-hour 12-EMA and the 26-EMA which have crossed bearishly. The 12-EMA at $238.27 is now acting as a resistance level and will be the first thing to beat for the bulls. Besides the EMAs, there isn’t really a lot of resistance points towards $250 and this is certainly not the first attempt by the bears to take over.
ETH/USD 1-hour chart
-637275628749658568.png)
The hourly chart is in an uptrend at the time of writing and ETH is above the 12-EMA and the 26-EMA. Both EMAs are looking for a bull cross in the next six hours if bulls can keep up the pace.
ETH/USD technical levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?