- Ethereum is back trading above $230.
- ETH/USD has many support levels on the way down.
- Not a lot of resistance points towards $240.
Ethereum formed a fairly strong bullish reversal candlestick yesterday on June 15. Buyers are seeing some continuation today on June 16 but were rejected from the daily 12-EMA at $235.6. It seems that Ethereum has a lot of support on the way to $230, let’s check some of the most important levels.
Nearby the current price of $234, we find a support point where the daily SMA5, the hourly SMA10, and the previous daily high are converging. Lower, at $233, the middle Bollinger Band on the 4-hour chart plus the SMA 5 have established a decent support line.
Even lower, at around $231.4, the weekly Fibonacci 23.6% and the previous hourly and 4-hour highs are creating a robust support area for the buyers.
On the way up, ETH/USD will need to break $235 where the weekly Fibonacci 38.2% is currently established, but also the daily 12-EMA. Other than that, there aren’t many other resistance levels until $237 where the daily middle Bollinger Band is currently set.
ETH/USD daily chart
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacent price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
ETH/USD has many support levels on the way down.
Not a lot of resistance points towards $240. Ethereum formed a […]