- 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
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
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.
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ETH/USD is recovering well trading at $236 […]