Ethereum price prediction: This recovery is range-bound – Confluence Detector
|- Calm descends upon Ethereum following a stormy night in the cryptocurrency market.
- Ethereum recovery likely to in a range between $248.89 and $259.30.
Ethereum has managed to come out of the red with subtle gains on the intraday chart. From the levels covered in the cryptocurrency market update earlier today, ETH/USD is battling to hold tight above $250. The 15-minutes chart shows calmness following the correction from highs above $260 yesterday. The declines on the day could not find support at $255 and $245 but the bulls made $240 a stronghold, in turn, barricading the declines.
Meanwhile, the confluence detector tool places the first Signiant resistance at $259.30. Some of the confluence at this level are Bollinger Band 1-day middle, the 23.6% Fib level 1-minute, the 61.8% Fib level weekly, the 100 SMA 4-hour and the 50 SMA 1-hour. Ethereum upside is likely to be limited at this level in the coming days but a break above $260 will have to deal with other hurdles at $261.90, $264.50 and $277.51.
In the event the price fails to correct above $250 due to exhaustion taking a toll on the buyers and Ethereum reversing downwards, the initial support is seen at $248.89: SMA 5 4-hour, 5 SMA 15’, previous low 15’, Bollinger Band 1-hour middle, 10 SMA 15’ and the previous high 4-hour. Further correction south will find support at $241.08 and at $238.48.
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