Ethereum Price Prediction: ETH/USD moving within a bullish flag structure - Confluence Detector


  • Ethereum bulls extending momentum to the upside on Friday, up some 2% in the latter part of the day.
  • ETH/USD has formed a bullish flag pattern formation, the current daily edging out of this structure.

 

The Ethereum price on Friday is trading firmly in the green, holding gains of some 2% towards the latter stages of the session. The bulls are further looking to capitalize after managing to close in the green on Thursday.

ETH/USD price action is moving within a bullish flag pattern structure, subject to a potential breakout to the upside. The current daily candle for the session – Friday, is at the time of writing outside of the flag structure. The body will need to ensure it closes above for a greater run higher.

Given current upside momentum, the focus must be on the barriers of resistance, via the confluence detector. Firstly; $142.06, weekly pivot point resistance and 161.8% daily Fibonacci and then $143.53, daily pivot point resistance, monthly 38.2% Fibonacci. To the downside; $139.13, weekly and daily 61.8% Fibonacci, daily pivot point support, and then $137.66, weekly 38.2% Fibonacci and daily pivot point support. 

 

ETH/USD daily confluence detector 

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