Ethereum Top Price Prediction: The not-so-explosive levels to watch after Vitalik Buterin's comments – Confluence Detector
The price of Ethereum collapsed below $200 as its "father" Vitalik Buterin said that the explosive days of cryptocurrencies are over. Buterin's words have not been very helpful to ETH/USD of late. The dearth of ETF's outside of those for Bitcoin does not help either. What prices should we look at?
The Technical Confluence Indicator shows that Ethereum is currently battling a convergence of several lines around $197. The levels to watch are the 4h-low, the 1h-low and the Bolinger Band 15m-Lower.
Initial resistance is at $200, where the Simple Moving Average 5-4h and the Fibonacci 61.8% one-day converge.
Further up, $209 is the confluence of the Bolinger Band 4h-Middle, the one-day high, and the Pivot Point one-day Resistance 1.
Looking down, we see some support at $194: it is the meeting point of the Fibonacci 38.2% one-day and the Bolinger Band one-hour Lower.
More significant support is only around $185 where we see the congestion of the Pivot Point one-day Support 1, the Bolinger Band 4h-Lower, and the one-day low.
Click to see the Full Confluence Indicator
Here is how it looks on the tool:
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
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This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
