Ethereum chart, February 7: ETH/USD recovery under threat - confluence detector

  • ETH/USD recovers from lows; momentum is fading away.
  • Strong resistance is located on the approach to $108.00.

ETH/USD recovered from Wednesday’s low to trade at $105.14 ant the time of writing. Ethereum gained nearly 2% in the recent 24 hours. However, the upside momentum may be limited due to lack of buying activity on the cryptocurrency market.

From the fundamental point of view, Opera integrated ETH purchase functionality to its browser-based wallets available for Android devices. It means users now can buy Ethereum directly from their wallets. The function is available only in Sweden, Norway & Denmark.

This news might have provided support to the coin. But the bullish momentum is fading away on approach to strong technical levels.

ETH/USD daily confluence detector

ETH/USD daily confluence detector reveals three support areas below the current price:

  • $102.00 - psychological level strengthened by the lower boundary of Bollinger Band on a 4-hour chart, and 23.6% Fibo retracement level, closely followed by  Bollinger Band 1-hour lower, the lowest level of the previous week and the previous month.
  • $101.00 - with the lowest level of the previous day located on the approach to the above said support,  Pivot Point 1-day, Support-1, and  Pivot Point 1-month, Support-1.
  • $95.00 - Pivot Point 1-week Support 2.

The upside is a bit more crowded. However, there are also three main resistance areas detected by the daily confluence detector. Bollinger Band 15-min Upper, 23.6% Fibo retracement weekly, Previous high 4-hour and Bollinger Band 4-hour Middle are located right above the current price. Once this area is cleared, the following barriers will come into view:

  • $107.70-$108.00 - this is a tough hurdle created by DMA10, DMA5, 38.2% Fibo retracement weekly and the highest level of the previous day.
  • $110.00-110.50:  SMA100, 4-hour, 61.8% Fibo retracement weekly, Pivot Point 1-day Resistance 2.


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