Ethereum Price Prediction: ETH/USD vital daily support protects price for now – confluence detector
- Ethereum price on Wednesday late in the session is holding gains of some 2.4%.
- ETH/USD has bounced off critical daily support seen at $235, a breach could have been very harmful.
Ethereum was initially under some selling pressure early on Wednesday. ETH/USD did manage to stabilize, bouncing off important daily support around $235. A break below could have exposed the $200 mark to the downside.
ETH/USD daily price action was supported to the upside by an ascending trend line, which had been in play from 15th May. The bears managed to force a game-changing breakout on 3rd June, inviting a fresh wave of selling pressure, before bottoming in the session on Wednesday, as earlier detailed.
In terms of key technical levels via the confluence detector, firstly to the upside; $256.75 monthly 23.6% Fibonacci, $259.30, weekly 61.8% Fibonacci and daily pivot point resistance. To the downside; $246.55, daily 61.8% Fibonacci, $241.44, monthly 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.
