ETH/USD bulls face resistance at $147.50 - Confluence Detector
- ETH/USD bulls need to breach past resistance at $147.50 to continue upward momentum.
- If the $147.50 resistance gets breached, then there is considerable scope for growth.
ETH/USD price went up from $135 to $146 this Monday as bulls took over the market. Currently, they are facing stiff resistance at $147.50 which they need to breach to continue their upward momentum. If that resistance is broken, then ETH/USD has considerable scope for growth before meeting its next resistance at $164.
ETH/USD Daily Confluence Detector
ETH/USD daily confluence detector faces two stiff resistance levels at $147.50 and $164. The confluences at those levels are:
- $147.50: Monthly pivot point, 15-min previous high, and hourly previous high.
- $164: Previous month high.
The market has three strong support levels at $141, $133, and $128. The confluences at those levels are:
- $141: 5-day simple moving average (SMA 5) and monthly 61.8% Fibonacci retracement level
- $133: SMA 10, daily 23.6% Fibonacci retracement level, daily Bollinger band upper curve, and weekly pivot point R2.
- $128: 4-hour Bollinger band middle curve, daily 61.8% Fibonacci retracement level, previous week high, SMA 100, and weekly pivot point resistance 1.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
