Ethereum Price Analysis: No less than 24 technical barriers clustered in a dense $30 range
- Daily to hourly technical indicators, averages and many other technical components confirm that a dark cloud that caps any upside attempt
- From the $490 level in the downside to the $520 level in the upside, this colossal congestion could be the best litmus test to buyers
ETH/USD 1D
The ETH/USD moves slightly below the $500 level, showing how weak it is due to the psychological influence of not being capable of conquering the round level. Our technical confluences indicator indicates that there are 24 technical components in a wide range of price.
Looking at the detail, the time range of the indicators do not exceed 1 Day, with the 1 Hour and 15 Min as the most common time frames. This configuration undermines the strength of the confluence as an insurmountable obstacle, but that does not diminish their importance of it.
The first support is sufficiently substantial to highlight it is in the $450 range, where the monthly and weekly lows are keys to the Ethereum to resist until an increase of the density of supports could provide more possibilities of surviving above if the downtrend resumes.
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
