Ethereum Technical Analysis: ETH/USD breaking $248 could spark a huge bull move

Ethereum continues trading in a 4-hour uptrend that is slowing down.
ETH/USD had a significant rejection from $248 and has not recovered yet.

The current ETH/USD uptrend on the 4-hour chart is slowing and it’s close to a bearish reversal. Bulls need to defend $239.22 support level to keep the trend going and Ethereum is trading at $242 at the time of writing, not far away from this key support level.

Either way, Ethereum is also in a daily uptrend that will not be lost even if the 4-hour uptrend is. On the daily chart, the crucial support level is set at $224.47; however, bulls can look for closer support levels using the 12-EMA and the 26-EMA.

ETH/USD 4-hour chart

ETHUSD

If we ignore the bull move above $250 and subsequent crash to $224.47 on June 2, Ethereum is inside an ascending channel. Buyers have defended the 12-EMA several times but seem to have lost this level at the time of writing. If ETH closes below the EMA, the next support level will be the 26-EMA.

ETH/USD technical levels

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