Ethereum Price Prediction: ETH/USD faces a large stack of resistance up front

ETH/USD market opened at $136.75 this Saturday.
ETH/USD has little scope for growth as bulls face a large stack of resistance up front.

Rajarshi Mitra Independent Analyst

The ETH/USD market opened at $136.75 this Saturday. Previously on Friday, ETH/USD bulls outlasted the bears as they managed to bring the price up from $135.60 to $136.60. According to the daily confluence detector, Ethereum is sandwiched between a large stack of resistance up front and a strong support levels down below.

ETH/USD daily confluence detector

According to the ETH/USD daily confluence detector, the support levels lie at $135, $132, and $131. The confluences at those levels are:

$135: 4-hour Bollinger band lower curve, weekly 61.8% Fibonacci retracement level, daily 23.6% daily Fibonacci retracement level, and hourly Bollinger band lower curve.
$132: Weekly 23.6% Fibonacci retracement level and weekly pivot point support 1.
$131: Previous week low, daily Bollinger band lower curve, and daily pivot point support 2.

The ETH/USD daily confluence detector has a stack of resistance from $137-$139.50. The confluences at these levels are - Daily Bollinger band middle curve, daily 38.2% Fibonacci retracement level, 15-min Bollinger band lower curve, 100-day simple moving average (SMA 100), SMA 5, hourly previous low, 15-min previous low, hourly Bollinger band middle curve, 15-min previous high, SMA 10, hourly previous high, 15-min Bollinger band middle curve, SMA 50, SMA 200, daily 61.8% Fibonacci retracement level, 4-hour previous high, 4-hour Bollinger band middle curve, hourly Bollinger band upper curve, and previous week high.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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