Ethereum Chart Analysis: ETH/USD possibly forming an equilibrium pattern on the daily chart
- 8th June 2020
- Posted by: Hakeem
- Category: Crypto, FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
- ETH/USD seems to have formed a clear higher low and lower high on the daily chart.
- The daily uptrend is intact but the trading volume is declining.
- Bulls have defended the daily 12-EMA two times in the last week.
Ethereum is trading at $242 at the time of writing after successfully defending the daily 12-EMA yesterday on June 7. ETH/USD dropped to $234.60 but the dip didn’t last long as buyers quickly jumped in and pushed Ethereum over $240 again, peaking at $245.40.
ETH/USD daily chart
The last lower high was formed on June 5 at $247.93, this is the resistance level the bulls need to break in order to see a bull run above $250 and $253.47, the last daily high. The daily RSI has cooled off and will not stop the bulls if ETH breaks above $247.93.
ETH/USD 4-hour chart
Ethereum has lost the 12-EMA and 26-EMA on the 4-hour chart a few times before but has managed to climb back up above them. ETH/USD was close to seeing a bearish cross of the 4-hour EMAs on June 7 but recovered before the cross. Bears are now pushing ETH below the 12-EMA ($242.41) again while the RSI is cooling off.
ETH/USD technical levels
|Today last price||242.17|
|Today Daily Change||-2.64|
|Today Daily Change %||-1.08|
|Today daily open||244.81|
|Previous Daily High||245.41|
|Previous Daily Low||234.6|
|Previous Weekly High||253.48|
|Previous Weekly Low||224.48|
|Previous Monthly High||247.15|
|Previous Monthly Low||176.19|
|Daily Fibonacci 38.2%||241.28|
|Daily Fibonacci 61.8%||238.73|
|Daily Pivot Point S1||237.8|
|Daily Pivot Point S2||230.8|
|Daily Pivot Point S3||227|
|Daily Pivot Point R1||248.61|
|Daily Pivot Point R2||252.41|
|Daily Pivot Point R3||259.42|