Ethereum price prediction: ETH/USD big bull movement remains a possibility – confluence detector

Ken Chigbo
Ken Chigbo FXStreet
  • Ethereum is trading marginally in the red late on Tuesday, down some 1.5%.
  • ETH/USD price action is moving within a bullish flag structure, despite the minor losses on Tuesday.

Ethereum is under renewed downside pressure on Tuesday, nursing losses of around 1.5% in the latter part of the day. ETH/USD has been stuck within cooling mode for much of June, after a strong mode higher mid-May.

ETH/USD via the daily chart view has been moving within a bullish flag structure, subject to a potential breakout. The price managed to form this during the consolidation period, after such an aggressive move higher in the first half of May.

In terms of key technical levels via the daily confluence detector to be aware of, to the downside; $239.47, monthly 38.2% Fibonacci, $234.41, daily pivot point support. To the upside; $244.54, daily and weekly 23.6% Fibonacci, $249.60, weekly 38.2% Fibonacci.

ETH/USD daily confluence detector

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