Ethereum price prediction: ETH/USD bulls are locked in on deep return within $300 territory – confluence detector
- Ethereum on Thursday in the latter part of the session is holding chunky gains of around 5.5%.
- ETH/USD extended to the upside clearing a near-term barrier, running from $270-80 range.
Ethereum price in the second part of the session on Thursday is holding decent gains of around 5.5%. The bulls have extended to the north, following a breakout out of a bullish pennant pattern formation.
ETH/USD price action via the near-term chart view, 30-minute, is moving within another bullish structure, a pennant. The formation comes as the price consolidates, subject to further potential moves north.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $291.33, daily pivot point resistance, $300.19, weekly pivot point resistance. To the downside, $282.47, weekly pivot point support, $270.66, daily 61.8% Fibonacci.
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.
