Rajarshi Mitra
Independent Analyst
- ETH//USD bears have taken control in the early hours of Saturday.
- The daily confluence detector shows one strong resistance level at $397.
ETH/USD daily confluence detector
ETH/USD bears have taken control of the market following a heavily bullish Friday. In the early hours of Saturday, the price has dropped from $393.35 to $392.50. As per the daily confluence detector, ETH/USD only needs to conquer the $397 resistance level to re-enter the $400 territory. This level has the one-day Fibonacci 23.6% retracement level and one-day SMA 10.
On the downside, there is immediate support at $392, which has the monthly Pivot Point one resistance-one and one-day Fibonacci 38.2% retracement level. If the bears wish to continue their momentum, they’ll need beak below this level. Along with that, there is another support level at $352, which has the Previous Month high and weekly Pivot Point one support-two.
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