Ethereum price prediction: ETH/USD technical structure being used as launch pad for greater gains - confluence detector
- Ethereum on Friday in the latter part of the session is nursing minor losses of 0.55%.
- ETH/USD price action is moving within a bullish pennant pattern structure, subject to a breakout.
Ethereum price in the second part of the session on Friday is holding gains of over 2.50%. Price action had cooled largely in the session on Thursday, after initially spiking aggressively higher, which was very much short-lived.
ETH/USD price action did breakout from a bullish pennant pattern formation to the upside, the bears did, however, manage to force a retest of the structure. It played out to the textbook with the breakout and retest.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $283.23, daily pivot point resistance, $288.65, previous session high. To the downside, $258.88, weekly 23.6% Fibonacci, $253.46, daily 23.6% Fibonacci, weekly 38.2% 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.
