Ethereum Price Prediction: ETH/USD could be in trouble – Confluence Detector
- Ethereum price on Thursday is nursing losses of around 4% in the latter part of the session.
- ETH/USD bears are flirting with a key daily ascending trend line to the downside, price edging just south of that.
Ethereum price late in the session on Thursday was nursing losses of around 3.80%, flirting with a key supporting ascending trend line to the downside. A further cooling is seen across the market, as the bears regain control.
ETH/USD price is retesting a vital ascending trend line to the downside. This has been running since early February, from 6th. A daily closure below this support could be extremely punishing to the recent recovery.
Given current downside momentum, eyes are on the next big barriers of support via the confluence detector. Firstly; $131.99, weekly 23.6% Fibonacci, weekly pivot point support. $129.17 daily 50SMA. To upside; $136.21, 61.8% weekly chart view, daily pivot point support.
XRP/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.
