- 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.
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.
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