Ethereum price prediction: ETH/USD bulls face strong resistance levels beyond $256
|- ETH/USD is currently priced at $241.75 following two bearish days.
- The confluence detector shows that growth beyond $256 is limited.
ETH/USD experienced two extremely bearish days in a row, wherein the price went down from $269.50 to $241.15, charting a 10.52% decrease in value over two days. Wednesday managed to have a bullish opening as ETH/USD is currently priced at $241.75. The daily confluence detector shows that there are strong resistance levels beyond $256.
Ethereum daily confluence detector
As per the daily confluence detector, there is one prominent stack of support from $238.50-$241. The confluences at those levels are - 4-hour Bollinger band lower curve, monthly 38.2% Fibonacci retracement level, 5-day simple moving average (SMA 5), previous week low, 15-min Bollinger band middle curve, SMA 10 and 15-min previous low.
The resistance levels are at $256.50, $258.75, $262 and $264-$267. The confluences at those levels are:
- $256.50: The first resistance level has the daily 38.2% Fibonacci retracement level.
- $258.75: The strongest resistance level in the confluence detector has the 4-hour Bollinger band middle curve.
- $262: SMA 100, SMA 5 and daily 61.8% Fibonacci retracement level.
- $264-$267: SMA 200, SMA 50, SMA 10 and 1-day pivot point resistance 1.
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.