Ethereum Price Prediction: ETH/USD $155-150 must hold or face big trouble – Confluence Detector

Ethereum price in the second half of trading on Thursday is trading in the red, nursing losses of 1.25%.
Eyes on a critical near-term support area observed at the $155-150 price range.

Ken Chigbo Independent Analyst

Ethereum price on Thursday in the second half of the session is trading in the red, down some 1.25%. ETH/USD bears continue to pile on the pressure after running into big sellers within the $180 region.

ETH/USD has struggled through the month, after an initially promising start with the early April advances. The price had moved to its highest level since November 2018, before running into heavy sellers within the $180 region, a key area ahead of $200 territory.

Looking via the daily confluence detector, firstly the barriers of support; $161.71, monthly, weekly and daily pivot point support, $156.58, daily pivot point support. To the upside in terms of resistance; $168.54, weekly 38.2% Fibonacci, $170.25, daily pivot point resistance.

ETH/USD daily confluence detector

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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