Ethereum Price Prediction: ETH/USD bulls remain supported by critical trend line – Confluence Detector

  • Ethereum price nursing minor losses in the latter part of Wednesday, as direction is still yet to see commitment.
  • ETH/USD price action is supported via the daily time frame by an ascending trend line. This has been in play since 15th December.

The Ethereum price on Wednesday was seen trading down in very minor negative territory. ETH/USD in the red by just 0.15%. Price action continues to remain muted, with a lack of committed direction from either bull or bear camp.

ETH/USD since it began its big trend higher on 15th December, the price has been well-supported by a long running ascending trend line. This has provided required support on a few occasions since it began moving higher.

Looking via, the daily confluence detector, the current price is in proximity to some big barriers. At $152.37, daily 61.8% Fibonacci, $153.95, weekly 23.6% Fibonacci and $155.52 daily pivot point resistance. To the downside; $149.21 weekly 38.2% Fibonacci, $147.64, daily pivot point support.

 

ETH/USD daily confluence detector 

ETH/USD daily chart

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