Ethereum Price Prediction: ETH/USD bulls gunning for $200 return– Confluence Detector
- Ethereum is holding strong gains in the latter stages of trading on Friday of 4.50%.
- ETH/USD bulls have the opportunity to capitalize on a bullish flag structure.
Ethereum price is trading firmly in the green in the second half of the day on Thursday, up with gains of just 4.50%. Bulls are attempting to firm their recent bounce towards recovery after the selling of April came to a halt on 26th.
ETH/USD has been moving within a bullish flag pattern formation, with the current daily candlestick edging out from the structure. Bulls have the opportunity to run further north if playing out to the textbook, eyes on the psychological $200 mark.
Looking via the confluence detector, in terms of barriers to the upside; $170.50, monthly 38.2% Fibonacci, $174.03, weekly pivot point resistance, $177.56, last week high. To the downside, $166.97, weekly 61.8% Fibonacci, daily pivot point support, $165.21, daily pivot point support.
ETH/USD daily confluence detector
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
