Ethereum Price Prediction: ETH/USD hope remains for the bulls, must capitalize on technical structure – Confluence Detector


  • Ethereum price in the second half of trading on Monday is trading in the red, nursing minor losses of 1%.
  • Eyes on a critical near-term support area observed at the $155-150 price range.

Ethereum price on Monday in the second half of the session is trading in the red, down some 1%. ETH/USD bears are back in control after a decent three-session run higher from the bulls, it has been a very choppy month for April.

Despite the choppy price action throughout this month, ETH/USD is moving within a bullish pennant pattern. It has very much been consolidation mode, after an initial solid start to the month, but the bulls failed to maintain upside momentum. The price is narrowing within the noted structure, making it subject to an imminent breakout.

Looking via the daily confluence detector, firstly the barriers of support; $155.86, weekly 23.6% Fibonacci, weekly and daily pivot point support, $152.57, daily 50SMA, To the upside in terms of resistance; $160.80, monthly pivot point resistance, $165.74, daily pivot point resistance.

ETH/USD daily confluence detector 

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


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin breaks above $12,000 first time since September 1; traders anticipate a bull run

Bitcoin is currently trading at $12,020 after breaking the critical psychological level of $12,000 for the first time since September 1. Bulls have been in full control of the daily chart since the initial breakout above $11,000, mostly fueled by the purchases of big amounts of BTC from multi-billionaire companies like Stone Ridge.

More Bitcoin News

Zilliqa Price Prediction: ZIL could be on the verge of a massive 600% breakout

Zilliqa had quite a crazy 2020 starting in January at a price of $0.0045 and crashing down to $0.003 in March. However, ZIL’s recovery was one of the best going from that low to a peak of $0.0258 only a few months later and reaching a $270 million market capitalization. 

More Zilliqa News

Tezos Price Prediction: XTZ aiming for a 10% price jump if key support is defended

The past week for Tezos hasn’t been great, the digital asset lost around $300 million in market capitalization as Bitcoin continues gaining dominance over the market.

More Tezos News

Biden's win of the US presidential election could have different effects on Bitcoin and DeFi

The presidential elections in the United States are just around the corner. While it is still hard to tell for sure who will secure the place in an Oval Cabinet, the most recent poll results show that Joe Biden, the Democratic presidential nominee, is leading the race. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast

BTC

ETH

XRP