Lorenzo Stroe
Independent Analyst
- 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
-637285236462279444.png)
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
-637285236604009757.png)
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.