Ethereum Price Prediction: ETH/USD focus shifts $160 despite resistance at $150– Confluence Detector


  • Ethereum price majestically steps above $150, comes into contact with $150 resistance but selling pressure cuts short the bullish action.
  • ETH/USD remains in the hands of the bulls despite the rejection at $150; the path of least resistance is to the north.

Ethereum is slightly in the green on Friday following a relatively bullish week. It calls for celebration among the bulls after the price action achieved the short term goal of stepping above $140 resistance. An intraday high has been formed at $142.51 (current immediate resistance). ETH/USD is trading at $141.89 amid a developing bearish momentum.

The American session on Thursday was treated to a wild bullish movement that saw Ethereum make a wild run-up to $150. Unfortunately, the selling pressure at $150 put an end to the bullish action. The 4-hour chart shows Ethereum trading above the moving averages which is a sign of a stronger influence.

Besides, the 50 SMA is holding position above the 100 SMA. In addition to that, the RSI is making an entrance into the overbought region, further cementing the bulls’ position in the market. For now, the resistance at $140 is in the rearview and focus has shifted to $160.

Ethereum price confluence support and resistance

Resistance one: $143 – Highlighted by the previous 15-minutes high, the Bollinger Band 15-mins upper and the previous high 4-hour.

Resistance two: $152 – Hosts the Fibo 38.2% one-month.

Resistance three: $157.94 – Highlighted by the Fibonacci 161.8% one-week.

Support one: $135.73 – Converging the SMA 50 1-hour, SMA 200 15-mins and the previous low one-day.

Support two: $128.32 – Where the pivot point one-day support two, the BB 4-hour lower curve and the 23.6% one-month.

Support three: $125.36 – Support highlighted by the Fibo 23.6% one-week.

fxsoriginal

According to the confluence detector tool, the path of least resistance for Ethereum is upwards. Most of the hurdles this week have been turned into strong support areas. A surge above $150 is bound to pave the way for gains beyond $160.

 

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD is still chasing 10K

Bitcoin is trading well on Monday after some choppy price action over the last four sessions. The bulls just have not managed to have a clear run at the highs in recent session as every time the BTC/USD pair has a bullish close ...

More Bitcoin News

XRP/USD is stuck between a technical rock and hard place

Ripple has been moving higher on Monday as the sentiment in the cryptosphere remains positive. The XRP/USD pair has bounced off the 0.21 resistance point but looks like it could make another run on ...

More Ripple News

Ethereum Chart Update: ETH/USD is fine as long as it stays above daily SMA50

Ethereum (ETH) has been moving inside a range limited by $230.00 on the downside and $240.00 on the upside since Sunday. The coin tested lows at $224/62; however, the sell-off attracted new short-term buyers that ...

More Ethereum News

NEO Price Analysis: NEO/USD rips higher once again past 12.00

Neo is one of the major outperformers on Monday as the price has risen over 14% on the session. The psychological 13.00 is the next target after 12.00 was broken with ease in the EU ...

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP