Ethereum Price Prediction: ETH/USD has potential danger of $100 return - Confluence Detector
- ETH/USD price action continues to shape up a bearish flag pattern.
- There are some chunky barriers to the upside, capping buyers for the time being.
Ethereum price in the latter part of trading on Thursday, was seen up with very modest gains of some 0.20%. ETH/USD, like the rest of the market, is stuck within consolidation mode, which could see a breakout soon.
ETH/USD price action has formed a bearish flag pattern structure. The lowest of this is tracking around $116, which if it failed to hold, then a retest of $100 could be seen. To the upside, the high of the range-formation or flag, is seen at $135.
Looking via the daily confluence detector, in terms of resistance, a chunky barrier should be noted at $125.97, which is the daily 38.2% Fibonacci. Further north, a barrier can be seen at $131.08, which is the monthly 38.2% Fibonacci.
ETH/USD daily confluence detector
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
