Ethereum Top Price Prediction: Vitalik Buterin's Proof of Stake hopes open the door to $235 – Confluence Detector
The price of Ethereum topped $200 and continued marching forward. Vitalik Buterin, the brain behind the world's No. 1 Altcoin, said that Ethereum's path to "Serenity" is "really no longer so far away." The founder's hopes, voiced at a conference in Prague, sent the ETH/USD higher. What levels should we watch?
The Technical Confluence Indicator shows that Ethereum faces an initial hurdle at $212 which is the convergence of the Bollinger Band 4h-Upper, the Fibonacci 161.8% one-week, the Simple Moving Average one-day, the Fibonacci 23.6% one-day, and the BB 1h-Upper.
The next cap is $219, where we see yesterday's high, the Pivot Point one-week Resistance 3, and the PP one-day R1. It is followed by $226 which is the PP one-month R1, but the ultimate target is $235 which was last month's high.
Looking down, support awaits at $207 where we see a dense cluster of levels including the BB 1h-Lower, the PP 1W-R1, the Fibonacci 38.2% one-month, the SMA 10-4h, and the Fibonacci 61.8% one-day.
The most substantial level of support is $201 where we see last year's low, the SMA 10-one-day, the SMA 5-one-day, the Fibonacci 61.8% one-week, the SMA 200-1h, the SMA 50-4h, and the PP one-day S1.
All in all, the path of least resistance is up.
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.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto , and our FXStreet Crypto Trading Telegram channel
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.
