Ethereum Price Prediction: ETH/USD may go down to $150 following price correction - Confluence Detector


  • ETH/USD went down from $161 to $158 this Thursday.
  • ETH/USD has no prominent support levels until $152.50.

Following this Tuesday’s spike where ETH/USD went up from $142 to $165, it has gone through two consecutive days of market correction. This Thursday, ETH/USD went down from $161 to $158. As per the daily confluence detector, ETH/USD has no prominent support levels until $152.50, which is why further drop is expected.

ETH/USD daily confluence detector

As per the ETH/USD daily confluence detector, prominent resistance levels lie at - $160, $160.50 - $162, and $175. The confluences at those levels are:

  • $160: 5-day simple moving average (SMA 5), SMA 10, 4-hour Bollinger band middle curve, daily 23.6% Fibonacci retracement level, 15-min Previous high, and SMA 50.
  • $160.50-$162: Hourly Bollinger band middle curve, SMA 5, monthly pivot point resistance 2, SMA 100, 4-hour previous high, and weekly pivot point resistance 3.
  • $175: Monthly pivot point resistance 3.

The prominent support levels lie at - $152.50, $150, $143, and $137 - $140.50. The confluences at those levels are:

  • $152.50: Monthly pivot point resistance 1.
  • $150: Weekly pivot point resistance 1 and daily pivot point support 1.
  • $143: Weekly 23.6% Fibonacci retracement level and monthly 23.6% Fibonacci retracement level.
  • $137-$140.50: SMA 200, weekly 38.2% Fibonacci retracement level, SMA 50, monthly 38.2% Fibonacci retracement level, and 4-hour Bollinger band lower curve.
     

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin finds some relief at 10,000

As crypto sentiment takes a battering today there is finally some restbite for BTC/USD at the 10,000.00 level. In a day where no real negative fundamental news has been released BTC/USD has plunged over 7%. Some analysts have noted the Swiss regulator asking for more documents from Facebook or the New York Attorney Generals request for more documentation from Bittrex as the cause.

More Bitcoin News

BCH/USD $300 given up with $250 now a possible target for bears

Bitcoin Cash price on Wednesday is trading in negative territory by 7%. The next major daily area of support is eyed down at $250.

More Bitcoin Cash News

Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today. An important price level has been broken 0.037673 looks to be next.

More Ethereum Classic News

Tether are set to launch a Chinese stablecoin

Tether are set to announce a new stable coin that will be pegged to the Chinese renminbi according to secondary sources.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP