ETH/USD sees limited growth potential with a huge block of resistance ahead - Confluence Detector

ETH/USD price sees minimal scope of growth with a massive block of resistance up ahead.
The market is supported at $102.50 by a strong support line.

Rajarshi Mitra Independent Analyst

ETH/USD’s potential growth is currently severely limited because of the huge block of resistance it sees up front. Currently, ETH/USD is trading for $104.50 with bulls trying to fight back in a bearish market.

ETH/USD daily confluence detector

ETH/USD faces a block of resistance from $105 to $109. The confluences it has in this block are as follows: Weekly pivot point, hourly Bollinger band upper curve, 10-day simple moving average (SMA 10), daily 161.8% Fibonacci retracement level, weekly 23.6% Fibonacci retracement level, SMA 200, SMA 50, 4-hour previous high, daily previous low, 4-hour Bollinger band middle curve, daily pivot point, daily 61.8% Fibonacci retracement level, daily previous high, SMA 10, 4-hour Bollinger band upper curve, and weekly 61.8% Fibonacci retracement level.

ETH/USD observes two strong lines of support at $102.50 and $101.50. The confluences at those two levels are:

$102.50: Previous month low and previous week low.
$101.50: Daily Bollinger band low curve and monthly pivot point.

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.

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