Ethereum price prediction: ETH/USD pushing the uptrend higher – Confluence Detector
|- ETH/USD spiked above $145 and extended gains past $147 before reversing the trend.
- Ethereum is strongly supported after breaking above key resistance barriers.
- ETH/USD to continue pushing the uptrend higher above $150 with a medium-term set on $160.
The 1-hour chart shows how Ethereum has been battling barriers recording higher highs higher lows. The ascending trendline has been working as a key support level since March 25. The weekend trading sessions saw ETH/USD spike above $145 and extended gains past $147 before reversing the trend.
In the interim, Ethereum is valued at $143.61 while supported by the 50 SMA 1-hour which coincides with the 61.8% Fib level currently at $142.95. The 100 SMA is seen at $141.14 and the next support in the 1-hour timeframe is at $138.
ETH/USD technical levels – Confluence Detector
A quick glance at the confluence detector, one can see that Ethereum is strongly supported after breaking above key resistance barriers. On the upside, the path is laced with weak hurdles that are likely to pave the way in case ETH buyers find a catalyst.
Marginally above the current price, the first resistance rests at $144.38. The level has been highlighted by a confluence of indicators including the 5 SMA 1-hour, previous high 15-minutes, previous high 1-hour, previous high 4-hour, Bollinger Band 15’ upper and the Bollinger Band 1-hour upper. If Ethereum manages to retrace above this level, it will encounter another resistance level at $145.87 marked by the pivot point 1-day R3 and the Bollinger Band 4-hour upper. To jump above $150, the bulls must clear other minor hurdles at $147.56 and $148.86.
On the flipside, the strongest support rests at $142.88 (a former resistance level) with the following indicators: 38.2% Fib level 1-day, 61.8% 1-day, 100 SMA 15’, 23.6% Fib level weekly, previous low 1-day, pivot point 1-day S1, 23.6% Fib level 1-minute, Bollinger Band 1-hour lower, 5 SMA daily, Bollinger Band 4-hour middle and the 23.6% Fib level daily. Moreover, extended losses below $140 will find support at $138.40, $136.91, $132.43 and 129.44.
Prediction: The strong support means that Ethereum’s path of least resistance is to the upside. Therefore, I expect ETH/USD to continue pushing the uptrend higher above $150 with a medium-term set on $160.
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