Ethereum price prediction: ETH/USD witnessing massive support – Confluence Detector


  • The battle to pull Ethereum price back above $140 is in progress and currently limited by the 100 SMA 4-hour.
  • According to the confluence detector tool, the path of least resistance is to the upside.

Following the failed attempt to reach $150 over the last weekend’s trading, ETH/USD stepped back below $140. The bulls managed to draw the line in the sand marginally above $136 preventing further declines. The battle to pull Ethereum price back above $140 is in progress and currently limited by the 100 SMA 4-hour and the 61.8% Fib retracement 1-hour.

It is vital that the price clears the barrier at $140 in order to revive the buyers’ confidence before they start to tire. According to the confluence detector tool, the path of least resistance is to the upside. However, the second largest asset must overcome the resistance at $139.34; a region that is highlighted by various indicators including the Bollinger Band 4-hour middle, 10 SMA 15’, the 38.2% Fibo daily, 5 SMA 15’, 5 SMA daily, 100 SMA 1-hour, previous high 4-hour, previous high 4-hour, the 23% Fibo daily, Bollinger Band 1-hour upper, Bollinger Band 15’ upper, previous high 1-day and the pivot point 1-day R1.

If the bulls manage to clear the $139.34 barrier, they will open the way for a correction towards $140 and trend past the weaker hurdles at $142.74 and $145.63.

Strong support zones are key to a reversal and Ethereum has no shortage of these. Initial support is seen at $138.40- 135.40 with a confluence of the Bollinger Band 4-hour lower, Bollinger Band 15’ lower, previous low 1-day, pivot point 1-day S1, 50 SMA 4-hour, 200 SMA 4-hour, 10 SMA 1-day, Bollinger Band 1-hour upper, the 161.8% Fib level daily, previous low 4-hour, pivot point day S2, pivot point weekly S3, Bollinger Band daily middle and the 61.8% Fib level weekly.

Although a slide below the above support zone is unlikely for Ethereum in the coming few days, a slide would find more support at $132.61,129.71, $126.82 and the $122.48.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Having dropped BTC/USD below $10,000, will the bears now aim for $9,500?

BTC/USD has fallen from $10,197.35 to $9,617 so far this Wednesday, going below the key $10,000 psychological level. The bears will now aim to take the price below the $9,500, but to do that, they will need to conquer ...

More Bitcoin News

Ripple Price Analysis: Ripple finds support at important Fibonacci level

All the major cryptocurrencies fell on Wednesday in the US session. The price of XRP/USD is down around 6% so far in the session. Support has been found on the trendline which confluences with ...

More Ripple News

Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath ...

More Litecoin News

EOS Price Analysis: EOS/USD dips below the $4.50-level

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP