Ethereum price prediction: Channel support to stop ETH/USD bears - confluence detector
- ETH/USD is sliding down amid market indecision.
- The short-term picture is positive as long as the coin stays above $105.50.
ETH/USD slipped under $107.00 handle during an uneventful Asian session. The third largest digital coin has been moving within a channel with mild upside bias since January 31. The short-term technical picture remains positive as long as the price stays above $105.50 (lower boundary of the above-said channel).
ETH/USD daily confluence detector
The way to the North is packed with resistance levels; however, a sustainable move above $111.00 will increase that bullish momentum and clear the way to $117.00 guarded by 23.6% Fibo retracement daily.
Below are the strongest resistance levels created by a confluence of technical indicators:
- $107.10-$107.50: SMA50 1-hour, midline of Bollinger Band 1-hour, the lowest level of the previous day and the previous hour, 38.2% Fibo retracement levels both on weekly and daily charts, a host of short-term SMA levels.
- $109.00: pivot point 1-day resistance 1 and SMA10 on a daily chart
- $110.00: 4-hour upper Bollinger band, 61.8% Fibo retracement weekly and pivot pone 1-day resistance 2.
On the downside, there are two support areas of notice:
- $105.50-$106.00: lower border of 4-hour Bollinger Band, the above-mentioned channel support, previous low 4-hour, pivot point 1-day support 1. It is closely followed by pivot point 1-day support 2 and 23.6% Fibo retracement weekly.
- $102.00: Previous week and previous month low.
BTC/USD D1
Author
Tanya Abrosimova
Independent Analyst
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