- ETH/USD is trading below the former support congestion at $155.
- The upside will remain limited below $162.13 in the coming few days if the current technicals stay put.
ETH/USD pulls down 2.5% on Monday as cryptocurrencies navigate a stormy night in the sea of red waters. Ethereum is among the many assets that are languishing in bear pressure after the weekend session price remained largely unchanged. The volatility levels seem to be on the rise again as the price has pierced through the Bollinger Band 1-hour lower. ETH/USD is trading below the former support congestion at $155. The bulls are likely to have taken a step back as they target new buy areas close to $150.
Meanwhile, the confluence detector tool shows initial support slightly below the market price of $154.07. The confluence at this area is the previous low 1-hour, Bollinger Band daily lower and the 50 SMA daily. If the price clears this level, $152.46 will come in handy with a confluence of the pivot point 1-month R1 and the pivot point 1 daily S3. Other areas that are likely to offer support include $147.63 $144.41 and $139.58.
On the upside, $155.69 is the immediate hurdle. However, the tool shows that a correction above this level will allow movement above towards the critical levels at $158.91 and $162.13. The confluence at this level includes:
$156.69: Previous High 15’, 5 SMA 15’, 23.6% Fib level weekly and the previous low 4-hour.
$158.91: 50 SMA 15’, Bollinger Band 1-hour Middle, 5 SMA 4-hour, 38.2% Fib level daily, 100 SMA 15’, 50 SMA 1-hour and the 200 SMA 15’.
$162.13: Pivot point daily R1, previous high daily and pivot point 1-month R2 and the Bollinger Band 4-hour.
Prediction: The upside will remain limited below $162.13 in the coming few days if the current technicals stay put. On the downside, $150 will be a rebound zone marked with increased buying interest. Traders should look for a reversal sign at this level.
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