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Ethereum Technical Analysis: ETH/USD bulls lose steam at $246 resistance level

FX Street
Published date:
  • ETH/USD bears regain control following a bullish Tuesday.
  • Bulls need to defend the $241.85 support level to prevent further price drop.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD faces a bearish correction following a heavily bullish Tuesday. The price ran out of momentum near the $246 resistance level and has dropped to $244.60. The bulls must defend the $241.85 support line to ensure that the price doesn’t fall back inside the pennant formation. If the bears do conquer that level, they will face further support at $238.25 (SMA 20), and $236.45 (SMA 50). On the upside, we have two strong resistance levels at $246 and $248.55.

Key levels

 

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