Ethereum price prediction: ETH/USD eyes $300 – Confluence Detector

Ethereum lagged behind Bitcoin’s rally in the past several weeks. However, the delay tactic finally bore fruits as the cryptocurrency revamped the uptrend at the beginning of this week easily becoming one of the best performing major cryptos on the market. In just seven days, ETH/USD has seen a 57% side while in the last 90 days it has achieved gains of about 122%.

Comparing Ethereum and Bitcoin in the last 90 days, we see Ethereum having outpaced Bitcoin in performance. However, it is still lagging far behind Bitcoin in terms of market capitalization. Ethereum currently ranks in the market’s second spot with a market capitalization of $25 billion and a trading volume of $17 billion.

The daily chart shows Ethereum trading above the 200 Exponential Moving Average (EMA) as well as the moving average (50-day Simple Moving Average and the 100 SMA) despite the correction from the 2019 highs formed at $281.45. Ethereum is currently valued at $239.17 and is trending lower 9.55% on Friday.

Ethereum technical picture – Confluence levels

 According to the confluence detector tool shows Ethereum immediate resistance at $241.21. If this level is cleared, Ethereum is likely to retrace the steps it had made towards $300 before the reversal occurred but first, the asset will encounter resistance at $258.67. The confluence at these levels are:

$241.21: 5 SMA 1-hour, 5 SMA 15’, 10 SMA 15’, Bollinger Band daily upper, Bollinger Band daily upper and Bollinger Band 15’ middle, previous high 15-minutes and the previous high 1-hour.

$258.67: 5 SMA 4-hour and 61.8% daily.

On the downside, marginally below the current Ether value is the first support at $236.22. It is essential that the bulls get control to avoid further dips towards $200. There will another support at $213.76 and $211.27. The confluence at these levels are:

$236.22: The previous low 1-hour, Bollinger Band 4-hour middle, pivot point 1-month, and the Bollinger Band 15-minutes.

$213.73: Pivot point 1-month R2

$211.27: Pivot point weekly R3