- 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.
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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