ETH/USD: Strong $118 line sees a mixture of confluences

ETH/USD market keeps slipping as the bears take over.
Market supported at $118 by a potent mix of confluences.

ETH/USD bears have been extremely active during Monday and Tuesday, taking the market’s value down from $126.50 to $119.50. The bulls will need to fight back but see very stiff resistance ahead. They can bounce back from strong support which lies at $118, according to the daily ETH/USD confluence detector.

ETH/USD daily confluence detector

According to the daily ETH/USD confluence detector, strong resistances lie at $122, $123, $124.50, and $126. The confluences at those levels are:

$122: 15-min Bollinger band middle curve, hourly previous high, 5-day simple moving average (SMA 5), SMA 100, hourly Bollinger band middle curve, SMA 10, and daily 23.6% Fibonacci retracement level.
$123: 4-hour previous high and daily 38.2% Fibonacci retracement level.
$124.50: Daily pivot point and upper curve of the daily Bollinger band, previous week high, daily 61.8% Fibonacci retracement level, and 4-hour upper curve of the Bollinger band.
$126: 50-day simple moving average and monthly 38.2% monthly Fibonacci retracement level.

Strong support levels for the market are at $119, $117, $115.50, and $110.50. The confluences for those levels are at:

$119: SMA 5, weekly 23.6 Fibonacci retracement level, and the hourly previous low.
$117: Daily pivot point, SMA 200, and 23.6% monthly Fibonacci retracement level.
$115.50: 38.2% weekly Fibonacci retracement level.
$110.50: SMA 100, weekly 61.8% Fibonacci retracement level.

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