Ethereum Price Prediction: ETH/USD a possible sitting duck – Confluence Detector
- Ethereum price late on Thursday was holding gains just shy of 1%, after a generally muted session.
- It is hard fork day on the network, however limited volatility observed with ETH/USD.
The Ethereum price in the latter part of trading on Thursday was seen trading with minor gains just shy of 1%. ETH/USD is surprisingly very steady, despite it being the day of two hard forks on the Ethereum network.
ETH/USD continues to flirt around a key demand zone, which tracks from $135 down to $130. This is the final major support barrier ahead of the psychological $100 mark, a breach would force a retest of this big level.
In terms of the confluence detector, there are some big levels to note. To the upside; $139.27, monthly 61.8% Fibonacci, $142.12, weekly 38.2% Fibonacci, $146.40 weekly 23.6% Fibonacci. To the downside; $134.99, weekly 61.8% Fibonacci, $130.71, daily pivot point support.
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.
