Ethereum Price Prediction: ETH/USD soars 3% as focus shifts to $200 – Confluence Detector
|- Ethereum price outperforms Bitcoin, Ethereum and Ripple following Thursday’s breakout.
- ETH/USD embraces support at $180 in readiness for the lift-off to $200.
Ethereum price is showing its prowess among the top three and other major cryptocurrencies on the market. Following the breakout on Thursday last week, Ether has called several resistance levels including $160, $170 and $180. The price action over the weekend extended towards $200 but hit a wall slightly under $200.
Meanwhile, Ether is trading 3% higher on the day after rising above the opening value at $180 on Monday. An intraday high has been achieved at $186.44. The trend remains bullish, however, volatility is shrinking as a sign of decreasing chances of rapid movements. ETH/USD is trading at $185 after bouncing off support at $180. The buyers will not rest until they see a break above $200 (short term milestone).
Ethereum confluence levels
Looking at the daily confluence levels, $186 is standing out as the immediate resistance level. The zone is highlighted by the previous high 15-minutes. A break above this zone is possible in the short term and will set the ball rolling towards the next key hurdle at $190.47. Various technical indicators highlight this second resistance and they range from the Bollinger Band 4-hour upper to the Fibonacci 61.8% one-month. It is apparent that a step past this zone could allow smooth sailing above $200 before hitting more critical resistance at $209.
On the flip side, Ethereum is strongly supported from the initial support at $184. According to the confluence detector tool, the Fibo 61.8% one-day, the SMA 100 one-day, the previous high 4-hour and the SMA five 15-minutes convergence in this zone. The next key buyer congestion zone is at $182 while $162.37 is the strongest support for Ethereum.
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