Ethereum Daily Analysis: Bulls Secured Daily 12EMA Twice In A Week

  • ETH/USD showing a clear higher low and lower high on the daily chart.
  • The daily uptrend is intact but the trading volume has diminished.
  • Bulls secured the daily 12-EMA twice in the last week.

 

After securing a daily Exponential Moving Average (EMA) of 12, Ethereum’s current trading value is at $242 (as of June 7). 

Although ETH/USD went down to $234.60, it did not take long as trade buyers instantly took care and pushed it over to $240 again, while it peaked at $245.50.

 

ETH/USD Daily Chart

On June 5, the last lower high of $247.93 was formed, showing the resistance level that needs to be cut off for the bulls to get above $250 and $253.47. As the daily Relative Strength Index (RSI) settles down, bulls will not halt when ETH peaks above $247.93.

ETH/USD 4-hour chart

On the 4-hour chart, Ethereum forfeited the 12-EMA and 26-EMA a number of times before but it coped up and went beyond them.

ETH/USD grasping a bearish cross of yesterday’s 4-hour EMA but then recuperated before the cross. While the RSI is cooling down, bears are starting to push ETH down to $242.41again.