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. 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 Price Prediction: BTC/USD clasps to consolidation above $9,200

Bitcoin lethargic trading has been very dominant since the week started. Following recovery from the drop to $8,726 in the last week of June, BTC/USD has not been able to trade above $9,400. Besides, sustaining the price above $9,300 ...

More Bitcoin News

Ripple Technical Analysis: XRP/USD bears take price below $0.185

XRP/USD bears remained in control for the second straight day as the price fell from $0.1852 to $0.1848. Despite the bearish price action, the Elliott Oscillator has had seven consecutive green sessions ...

More Ripple News

Ethereum Price Analysis: Will bulls reach $240 in current bounce?

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV) ...

More Ethereum News

LTC/USD retests $45 seller congestion zone, where to next?

Litecoin bulls have engaged higher gears in their quest to push the price above $50. From the highs traded in June around $50, LTC/USD embarked on an exercise of trimming gains to the extent of dropping under $40.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP