Ethereum price prediction: ETH/USD consolidation is just beginning - Confluence Detector
|- The shallow recovery from $197 tried to infiltrate the resistance at $210 but failed.
- The break above $220 will encounter resistance at $224 before surge to $230.
Ethereum price is fighting hard to break the resistance at $210. The shallow recovery from $197 tried to infiltrate the resistance at $210 but failed. However, the downside seems equally supported starting with the 100 Simple Moving Average (SMA) 15-mins chart. The 50 SMA 15-mins is offering support at $208 while an avalanche of support exists above $200.
Meanwhile, the confluence detector tool places the first hurdle at 209.99. Several technical indicators converge to hinder growth at this level. The confluence is made by the 38.2% Fib level 1-D, previous high 15-mins, SMA 10 4-h, BB 15-mins upper and previous high 1-hour.
Between the above resistance zone and the next significant hurdle at $217.02 there are several weak hurdles that must be deal with for a break above $220. The break above $220 will encounter resistance at $224.06.
On the downside, the immediate strong support is seen at $208.81. The zone is host the SMA 5 1-hour, Bollinger Band 15-mins Middle, previous low 1-h, Bollinger Band 1-h middle and SMA 5 4-hour. The next support target as per the confluence detector tool is $206. If it caves in due to increased selling pressure, we can expect support at $204, $201.78 and $197.09 respectively.
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