Ethereum Technical Analysis: ETH/USD plummets to $237, recovers instantly
- Ethereum had a significant bull break and touched $250 on some exchanges.
- The run only lasted a few minutes and ETH/USD started to drop.
- The digital asset dropped as low as $237 within the same hour as the bull break.
A wild day for Ethereum today on June 9. The digital asset was trading sideways at around $242 before a massive bull break up to $250. This move only lasted a couple of minutes as bears quickly took over and pushed ETH below $240, hitting $237.01.
This is not the first volatile move we have seen after the recent rejection from $253.47. Almost all the top cryptocurrencies have experienced massive spikes followed by crashes during the past few days.
ETH/USD 1-hour chart
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Ethereum is trading sideways, but we see a lot of drops and breakouts that are getting no continuation. The most recent one is the biggest by far and indicates that the market is extremely indecisive right now. Ignoring this huge candlestick, Ethereum has not been in a clear hourly uptrend in days.
ETH/USD 15-minutes chart
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A small bull break took Ethereum up to $244.78 breaking all the resistance levels set after the massive rejection. ETH/USD is in an uptrend at the time of writing and it’s looking to break $250 next.
ETH/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
