Ethereum price prediction: Bulls return, this time to revenge- Confluence Detector
|- Ethereum engages forward gears adding 3.94% in a few hours.
- Ethereum bulls must brace themselves to face acute resistance towards $120.
Ethereum is dancing in the green today following the bullish wave that hovered through the market today. The gains come after tested the levels close to $100 and formed a low at $102.17. The cryptocurrency live rates on FXStreet show that Ether is up 3.94% on Wednesday. Other assets have corrected higher as well led by Ripple (XRP), which has added 11.12% in a matter of hours and Bitcoin Cash (BCH), which has corrected higher 9% on the day. The entire market is in the green.
Ethereum was to undergo a network upgrade mid-January, however, the Constantinople upgrade was pushed to February due to some foreseen technical issues that had to be corrected. This was the second time the upgrade was being delayed. The first delay took place last year when a trial on the testnet failed to work as expected.
Meanwhile, Ethereum is seen trading at $109 while supported within the 15-minutes Bollinger Band upper channel. The asset is also dancing with the 100-day Simple Moving Average (1-hour range). Slightly above the current market value, Ethereum bulls will face resistance at the daily 161.8% Fibonacci retracement level. The level coincides with the previous high in the 1-hour time range. A break above this level is likely to occur in the short-term and Ethereum will encounter more resistance at the hourly 50-day SMA highlighted at $113.12.
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