Ethereum price prediction: One more hurdle and ETH/USD could test $160 – Confluence Detector
|- Ethereum is 1.53% up today after making a reversal from the immediate support at $148.
- Ethereum price is retesting $150 in a bid to open the door for gains towards $160.
The market is generally in the green considering the cryptocurrency live rates on Friday. Most digital assets have slowed down the bullish momentum that begun on Monday this week. Ethereum is 1.53% up today after making a reversal from the immediate support at $148.
The confluence detector tool places Ethereum’s first support at $14.18 observed using the 15-minutes 50-day Simple Moving Average (SMA) and the hourly 10-day SMA. Although a bullish momentum is building at the time of press, second support is seen at $146.63; the daily 23.6% Fibonacci level, the hourly 100-day SMA and the 15-minutes 100-day SMA. It is unlikely that Ethereum can drop below this level in the coming sessions and even the approaching weekend session. However, the main support at $140.43 which coincides with the 61.8% Fib level (1-minute range) will prevent any further declines.
I expect Ethereum to clear the hurdle at $150 before the close of the sessions on Friday. This is the only hurdle that is keeping the price away from $160 level. Before that, the bulls will have to clear the weak resistance at $152.82 which is yesterday high on the 1-day chart.
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