Ethereum Price Prediction: ETH/USD upside potential is very limited at present - Confluence Detector
- Ethereum is nursing losses in the second half of trading on Thursday of around 3%.
- ETH/USD bulls still have the opportunity to capitalize on a bullish flag structure.
Ethereum price on Thursday is trading in the red, nursing losses of just over 2% in the session. Bulls still attempting to regather upside momentum that was seen towards the back end of April, after a choppy month of trading.
ETH/USD was moving within a bullish flag pattern formation, the price broke out of this late April. The bulls since have failed to really regather the upside momentum, however, are still trading above the structure, retesting the upper part of this.
Looking via the confluence detector, in terms of barriers to the upside; $170.30, monthly 38.2% Fibonacci, $172.08, daily 23.6% Fibonacci. $175.64 daily and weekly pivot point resistance. To the downside, $164.96, weekly 38.2% Fibonacci, $159.62, monthly 61.8% 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.
