Ethereum has recovered from the massive drop on June 2 and it’s trading at $239 at the time of writing. What are the most important levels for ETH/USD now?
The Technical Confluences Indicator is showing a significant amount of resistance at $239.65, the convergence of the 15-min SMA10, and SMA5.
More resistance can be found at $240.48 where the previous hourly and 4-hour highs have formed as well as the upper line of the 15-min Bollinger Band.
There seems to be a lot of support for Ethereum, the nearest at $238.6, the 15-minute SMA50, and at $237.99 where the 4-hour SMA5 and the middle line of the hourly Bollinger Band are converging.
Confluence Detector
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacent price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Learn more about Technical Confluence
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP climbs above $0.54 as Ripple announces exchange partners for Ripple USD stablecoin
Ripple holds steady above key support at $0.54 on Tuesday as payment remittance firm Ripple makes announcements regarding exchange partners for its stablecoin RLUSD that is in the final stages of its launch.
Crypto Today: Bitcoin loses slightly, Ethereum and XRP dip as Ripple Swell event goes live on Tuesday
Bitcoin holds steady above $65,500 on Tuesday, erasing less than 1% to its value. Ethereum and XRP prices recede slightly on the day.
Solana Price Forecast: SOL risks 12% drop as bankrupt FTX exchange offloads holdings
Solana sees a volatile trade on Tuesday, with a whipsaw move in the early American session. After recovering initial daily losses and extending its recent upward move aiming to recapture the $160 level, SOL’s price sharply declined in the last hour.
Bitcoin Price Forecast: BTC breaks above $67,000
Bitcoin extends its gains on Tuesday, trading above $67,000 after a 5% rally on Monday, driven by robust demand reflected in over $555 million in inflows into US Bitcoin Spot Exchange Traded Funds, as well as a Tuesday report from crypto asset trading firm QCP that underscores growing optimism for BTC.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.