Ethereum Technical Analysis: ETH/USD pauses at $247, but maintains strength with a daily bull flag

By June 23, 2020Ethereum
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  • ETH/USD topped at $246.86 on June 22 after a huge price surge.
  • Ethereum is in a confirmed daily uptrend and awaits confirmation of the bull flag.

Ethereum had an amazing trading day on June 22, climbing above the daily 12-EMA and the 26-EMA and blasting through many daily resistance levels. The move was stopped at $246.86, but the bears got no continuation and ETH is still trading at around $244 at the time of writing. The next step for the bulls would be to crack $250.

ETH/USD daily chart


After setting a higher low at $225.66, bulls managed to break the high of $237.21 and confirm a daily uptrend. If Ethereum continues trading sideways for the next few days, the daily 12-EMA will serve as the nearest support level. The only difficult resistance level buyers need to crack is $250 and the area around $250 until $253.47.

ETH/USD 4-hour chart


The 4-hour chart also formed a clear bull flag. Bulls will use the 12-EMA at $239.66 for support if $240.86 is broken. As the daily chart, the 4-hour chart doesn’t show a lot of resistance levels nearby. The nearest resistance point is located at $246.86, other than that, only the area above $250 will pose a threat for the bull rally.

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Ethereum is in a confirmed daily uptrend and awaits confirmation of the bull flag.

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