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
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
