Ethereum price prediction: ETH/USD must break down $280 for greater gains – confluence detector

  • Ethereum is trading marginally in the red late on Thursday, down some 1%.
  • ETH/USD price action is moving within a bullish pennant structure, despite the minor losses on Thursday.

Ethereum is under renewed downside pressure on Thursday, nursing losses of around 1% in the latter part of the day. ETH/USD has been stuck within consolidation mode for much of June so far, following a strong move higher mid-May.

ETH/USD via the daily chart view has been moving within a bullish pennant structure, subject to a potential breakout. The price managed to form this during the current consolidation period, after such an aggressive move higher in the first half of May.

In terms of key technical levels via the daily confluence detector to be aware of, to the downside; $255.74, daily 38.2% Fibonacci, $250.33, weekly 38.2% Fibonacci and daily pivot point support.. To the upside; $271.95, weekly pivot point resistance, $290.86, 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.