Ethereum Price Prediction: ETH/USD faces multiple resistances on its path to $300

ETH/USD went up from $264.75 to $267 this Friday.
Bulls face resistances of differing intensities.

Rajarshi Mitra Independent Analyst

Ethereum bulls continue to have a stranglehold on the market as they aim for $300. The daily confluence detector shows that the price is currently facing four distinct resistance levels on its path to $300. While the resistances are of differing intensities, the bulls still have quite a task ahead of them.

ETH/USD Daily Confluence Detector

The resistance levels are at $265, $274, $280, and $294. The confluences at those levels are:

$265: 10-day simple moving average (SMA 10) and SMA 5.
$274: Pivot point 1-Day resistance 2.
$280: 4-hour previous high and 4-hour Bollinger band upper curve.
$294: Pivot point 1-Day resistance 3.

The support levels are at $262, $250, $243, $238-$241, and $237. The confluences at those levels are:

$262: Hourly Bollinger band middle curve and pivot point 1-Day resistance 1.
$250: 1-Day previous high and SMA 10.
$243: Daily 23.6% Fibonacci retracement level.
$238-$241: Daily 38.2% Fibonacci retracement level.
$237: 1-Month pivot point resistance 3.

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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