Ethereum price prediction: ETH/USD next wave of buying pressure above $280 – confluence detector
- Ethereum is trading in the green late on Friday, up some 0.70%.
- ETH/USD upside remains somewhat limited at present given strong supply around $280 territory, as seen via the daily.
Ethereum price on Friday has continued to move within consolidation mode, trading with minor gains of 0.70%. ETH/USD daily price action remains within a narrow range, but nevertheless moving within a bullish flag pattern.
ETH/USD bulls must break down the big supply zone seen at $280 territory, to move to greater heights. The next area of interest would be a retest of the $300 price territory, last traded her in May 2018.
In terms of key technical levels via the daily confluence detector to be aware of, to the upside; $258.51, monthly 23.6% Fibonacci and daily 38.2% Fibonacci. $271.88, weekly pivot point resistance and daily 161.8% Fibonacci. To the downside; $247.81, daily pivot point support, $242.46, weekly 23.6% Fibonacci.
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.
