Ethereum chart, February 12: ETH/USD retains a positive tone  - confluence detector

  • ETH/USDerclaimed ground above $121.00 handle.
  • The ultimate resistance is seen at $125.50.

ETH/USD reclaimed $121.00 after a short-lived dip to $118.12. The second largest coin with the market value of $12.6B is consolidating gains after a steady growth at the end of the previous week. 

Ethereum is moving together with the market as there is no critical fundamental news that might have influenced price momentum. 

Meanwhile, the Ethereum network has seen the reduction of new coins created daily. This is a result of a difficulty bomb activated ahead of the upcoming Constantinople upgrade.

ETH/USD daily confluence detector

  • ETH/USD daily confluence detector reveals several support areas below the current price:
  • $118.00 - DMA5, 23.6% Fibo retracement weekly, Pivot Point 1-day, Support 1.
  • $117.00-$116.70: Lower boundary of the Bollinger Band on 4-hour chart, Pivot Point 1-day Support 2
  • $114.30 - 38.2% Fibo retracement weekly
  • $112.50 - SMA50, 4-hour, SMA200 1-hour, Bollinger Band 1-day middle.

On the upside, there are three resistance areas:

  • Above the current price up to $123.00 - host of SMA levels, Bollinger Band 1-hour Middle, 23.6% Fibo retracement daily, 38.2% Fibo retracement daily.
  • $124.30 - Bollinger Band 4-hour Upper, 61.8% Fibo retracement daily, previous week high.
  • $125.50 - DMA50, 38.2% Fibo retracement monthly.
     

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