16.2 C
Amsterdam
7 October 2022
PumpMoonshot
Image default
Ethereum

Ethereum Technical Analysis: ETH/USD breaking $248 could spark a huge bull move

  • Ethereum continues trading in a 4-hour uptrend that is slowing down.
  • ETH/USD had a significant rejection from $248 and has not recovered yet.

The current ETH/USD uptrend on the 4-hour chart is slowing and it’s close to a bearish reversal. Bulls need to defend $239.22 support level to keep the trend going and Ethereum is trading at $242 at the time of writing, not far away from this key support level. 

Either way, Ethereum is also in a daily uptrend that will not be lost even if the 4-hour uptrend is. On the daily chart, the crucial support level is set at $224.47; however, bulls can look for closer support levels using the 12-EMA and the 26-EMA.

ETH/USD 4-hour chart

ETHUSD

If we ignore the bull move above $250 and subsequent crash to $224.47 on June 2, Ethereum is inside an ascending channel. Buyers have defended the 12-EMA several times but seem to have lost this level at the time of writing. If ETH closes below the EMA, the next support level will be the 26-EMA. 

ETH/USD technical levels

ETH/USD

OVERVIEW
Today last price 242.18
Today Daily Change -1.12
Today Daily Change % -0.46
Today daily open 243.3
TRENDS
Daily SMA20 218.14
Daily SMA50 204.47
Daily SMA100 184.24
Daily SMA200 178.22
LEVELS
Previous Daily High 246.54
Previous Daily Low 236.15
Previous Weekly High 224.81
Previous Weekly Low 196.65
Previous Monthly High 247.15
Previous Monthly Low 176.19
Daily Fibonacci 38.2% 240.12
Daily Fibonacci 61.8% 242.57
Daily Pivot Point S1 237.45
Daily Pivot Point S2 231.6
Daily Pivot Point S3 227.06
Daily Pivot Point R1 247.85
Daily Pivot Point R2 252.39
Daily Pivot Point R3 258.24
News Source

Related posts

The Best Exchanges to Stake Ethereum 2.0

PumpMoonshot

Ethereum Mining Difficulty Just Inches Away from All-Time-High

PumpMoonshot

Crypto.com Reveals Support for ERC-20 Tokens in Wallet

PumpMoonshot