Ethereum price prediction: ETH/USD bulls must break down $270-280 barrier for greater gains - confluence detector
- Ethereum on Wednesday in the latter part of the session is holding very minor losses of around 0.15%.
- ETH/USD continues to have difficulty with a chunky near-term barrier, running from $270-80 range.
Ethereum price in the second part of the session on Wednesday is holding very minor gains of around 0.15%. Price action is moving within consolidation mode, narrowing has been observed over the last three sessions.
ETH/USD price action did look to form somewhat of a pennant formation, however, the bulls failed to capitalize on this. There is a heavy supply region which runs from $270-80 price range, keeping the bulls at bay.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $269.14, daily 38.2% Fibonacci, $277.58, daily pivot point resistance. To the downside, $266.63, weekly pivot point support, $257.89, weekly 23.6% 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.
