Lorenzo Stroe
Independent Analyst
- Ethereum is back trading above $230.
- ETH/USD has many support levels on the way down.
- Not a lot of resistance points towards $240.
Ethereum formed a fairly strong bullish reversal candlestick yesterday on June 15. Buyers are seeing some continuation today on June 16 but were rejected from the daily 12-EMA at $235.6. It seems that Ethereum has a lot of support on the way to $230, let’s check some of the most important levels.
Nearby the current price of $234, we find a support point where the daily SMA5, the hourly SMA10, and the previous daily high are converging. Lower, at $233, the middle Bollinger Band on the 4-hour chart plus the SMA 5 have established a decent support line.
Even lower, at around $231.4, the weekly Fibonacci 23.6% and the previous hourly and 4-hour highs are creating a robust support area for the buyers.
On the way up, ETH/USD will need to break $235 where the weekly Fibonacci 38.2% is currently established, but also the daily 12-EMA. Other than that, there aren’t many other resistance levels until $237 where the daily middle Bollinger Band is currently set.
ETH/USD daily chart
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