Ethereum Chart Analysis: ETH/USD possibly forming an equilibrium pattern on the daily chart

• ETH/USD seems to have formed a clear higher low and lower high on the daily chart.
• The daily uptrend is intact but the trading volume is declining.
• Bulls have defended the daily 12-EMA two times in the last week.

Ethereum is trading at $242 at the time of writing after successfully defending the daily 12-EMA yesterday on June 7. ETH/USD dropped to $234.60 but the dip didn’t last long as buyers quickly jumped in and pushed Ethereum over $240 again, peaking at $245.40. 

ETH/USD daily chart

The last lower high was formed on June 5 at $247.93, this is the resistance level the bulls need to break in order to see a bull run above $250 and $253.47, the last daily high. The daily RSI has cooled off and will not stop the bulls if ETH breaks above $247.93. 

ETH/USD 4-hour chart

Ethereum has lost the 12-EMA and 26-EMA on the 4-hour chart a few times before but has managed to climb back up above them. ETH/USD was close to seeing a bearish cross of the 4-hour EMAs on June 7 but recovered before the cross. Bears are now pushing ETH below the 12-EMA ($242.41) again while the RSI is cooling off. 

ETH/USD technical levels