Ethereum price prediction: On the verge of the abyss - Confluence Detector


  • ETH/USD is rangebound close to the recent lows.
  • The downside is the path of least resistance

ETH/USD is hovering around $86.00, off the Asian low of $84.95. The third largest cryptocurrency has been relatively stable during recent trading hours as the market grope for support after a long-term decline. Ethereum has lost over 50% of its value in a recent month due to a combination of technical and speculative factors including the upcoming Constantinopole update and massive ETH selling by ICO projects.

Looking technically, ETH/USD is close to an uncharted territory. The only viable support is created by the previous week low at $82.15. Once it is broken, there'll be little to stop the price on the way down to $75.00 (Pivot Point 1 month Support 1) and to the long-term congestion zone at $60.00 that served as a jumping-off ground for the price in April 2017.

Immediately above the current price, the resistance area is created by the confluence of technical indicators, which include 38.2% Fibo retracement Daily and SMA5, 4-hour. Once it is cleared the recovery may be extended towards $90.00 guarded by SMA10 4-hour, Bollinger Band 4-hour Middle and 61.8% Fibo retracement daily. Another strong resistance lies on approach to $psycholigical $91.00 with SMA200 1-hour, SMA50 4-hour and 23.6% Fibo retracement weekly.

However, the ultimate barrier is seen above $97.20. It is created by 23.6% Fibo retracement weekly and Pivot Point one-day Resistance 3. This area separates us from pivotal $100.00 and represents the upper border of a mid-term channel.

ETH/USD 1D 

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


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP