Ethereum price prediction: Bulls return catapults ETH/USD above $170 – Confluence Detector
|- ETH/USD pushed the limits from the buyer congestion zone around $155.
- After correcting above $170 - $172 resistance zone: ETH/USD is poised for correction heading to $200.
As predicted yesterday, ETH/USD pushed the limits from the buyer congestion zone around $155. The price was stuck in the confines of a narrow range between $166.0 and $168.00 during most of the sessions on Wednesday 17. While supported by the 200 moving average exponential (EMA), the price corrected above both the 50 simple moving average (SMA) 15’ and the 100 SMA 15’. A bullish candle stick engulfed its way above $170.00 and extended the gains to a high of $173.98 on Thursday 18.
Following the jump above the resistance that has now been turned in support at $$170 - $172, Ethereum is still poised for more upside correction. The confluence detector shows the crypto having an almost clear path towards up to $200. ETH/USD only needs to break past the initial resistance at $173.80 in order to open the door for more upside correction.
The zone has a confluence of indicators including the previous high 15’, Bollinger band 4-hour upper, Bollinger Band 15; middle curve, 10 SMA 15’, previous low 15’, 50 SMA 15’, 10 SMA 1-hour, the 5 SMA 15’ among others. Correction past this zone could launch Ethereum into an upward trajectory towards $200. Meanwhile, the bulls will have to deal with the weak resistance at $175.60 - $177.40, $179.19, $182.79 and finally $188.19.
As mentioned formidable support has been established at the former resistance zone between $170 - $172.00. The region is likely to prevent losses in the coming sessions. The zone confluence of indicators is the 5 SMA 4-hour, 10 SMA daily, 38.2% weekly, previous low and the Bollinger Band 15-minutes lower curve. If there clears this zone, expect more support at $168.40, $166.61 $164.81 and $161.21.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.