Ethereum Price Prediction: ETH/USD may break below $150 - Confluence Detector

• ETH/USD dropped by 8.5% within one hour.
• Bears took the price from $165.35 to $151.15 before it recovered to $153.

ETH/USD lost a staggering 8.5% of its price within a single hour this Thursday. In the process, bears managed to break below the $160-mark as the price plummeted from $165.35 to $151.15. The confluence detector shows weak support levels on the downside as the price is expected to drop even lower if the bears keep maintaining their momentum. For now, the bulls have managed to take the price up to $153.

ETH/USD Confluence Detector

The resistance levels are at $162, $164.50-$166.50, $169-$171. At $162 we have a confluence of 15-min previous high, daily previous low, monthly pivot point resistance 2, daily pivot point support 1, and SMA 5. 

From $164.50-$166.50 the confluences are Weekly 61.8% Fibonacci retracement level, hourly Bollinger band middle curve, 15-min Bollinger band middle curve, SMA 50, SMA 5, SMA 100, SMA 10, 4-hour previous low, daily 38.2% Fibonacci retracement level hourly previous high, and SMA 200.

Finally, at $169-$171, we have 4-hour Bollinger band middle curve, weekly 38.2% Fibonacci retracement level, SMA 100, SMA 10, daily Bollinger band middle curve, SMA 5, 15-min Bollinger band upper curve, SMA 200, and SMA 50.

On the downside, there are support levels at $138, $141, $149, and $152. At $138, we have the monthly 38.2% Fibonacci retracement level while at $141, the confluences are the weekly pivot point support 3 and monthly 23.6% Fibonacci retracement level. We then observe the confluence of 15-min previous low, weekly pivot support 2, and SMA 200 ar $149. Finally, at $152 we have SMA 50 and monthly pivot point resistance 1.