Ethereum Price Prediction: ETH/USD $142 is no man’s land – Confluence Detector

Ethereum price hovers under $140 after $142 resistance level became impenetrable for the second time in the same week. Jabs thrown by the bulls on Thursday gained momentum but failed to sustain gains above $140. An attempt to break free from the selling pressure at $140 failed incredibly resulting in losses that touched $138.45 on Friday during the Asian session.

At the time of writing, ETH/USD is trading slightly in the green after adding a mere 0.08% onto its value. Unfortunately, the trend is bearish and the volatility high. This means that sellers have more say unless the buyers come out strongly to shatter the resistance at $142.

Meanwhile, the 2-hour chart shows Ethereum trading above the 50 SMA and the 100 SMA. Besides, the RSI is leveling at 60 after advancing upwards from a weekly low at 35. The Elliot Wave Oscillator has commenced a bullish session to emphasize the bulls are gaining traction, although gradually. $142 is the wall between Ethereum and higher levels at $150 and $160 respectively.

ETH/USD 2-hour chart

According to the confluence detector Ethereum has more stacks of support in comparison to the available hurdles. In other words, ETH/USD could sail smoothly above $160 on finding a catalyst. However, downward corrections will have a difficult time navigating the many buyer congestion zones.

Resistance one: $141.45 – Home to the Fibo 23.6% one-week and the Bollinger Band 4-hour upper curve.

Resistance two: $148.38 – Highlighted by the pivot point one-day resistance three and the BB one-day middle curve.

Resistance three: $154.16 – Home to the previous week high.

Support one: $136.81 – Highlighted by the SMA 100 15-mins, SMA 100 4-hour, BB 4-hour middle curve and the SMA 200 15-mins.

Support two: $133.92 – Hosts the Fibo 38.2% one-week and the previous low one-day.

Support three: $129.58 – Where the Fibo 161.8% one-day and the pivot point one-day support three converge.