Ethereum Price Prediction: ETH/USD hope remains for the bulls, must capitalize on technical structure – Confluence Detector
|- Ethereum price in the second half of trading on Monday is trading in the red, nursing minor losses of 1%.
- Eyes on a critical near-term support area observed at the $155-150 price range.
Ethereum price on Monday in the second half of the session is trading in the red, down some 1%. ETH/USD bears are back in control after a decent three-session run higher from the bulls, it has been a very choppy month for April.
Despite the choppy price action throughout this month, ETH/USD is moving within a bullish pennant pattern. It has very much been consolidation mode, after an initial solid start to the month, but the bulls failed to maintain upside momentum. The price is narrowing within the noted structure, making it subject to an imminent breakout.
Looking via the daily confluence detector, firstly the barriers of support; $155.86, weekly 23.6% Fibonacci, weekly and daily pivot point support, $152.57, daily 50SMA, To the upside in terms of resistance; $160.80, monthly pivot point resistance, $165.74, daily pivot point resistance.
ETH/USD daily confluence detector
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