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- Ethereum can not sustain growth above $ 160, causing a collapse of $ 150.
- Buyers look towards $ 170 psychological level.
Ethereum can be seen trading at $ 155 after breaking below the trendline support at $ 160. Ethereum has undergone a major correction since the start of the new year. The bulls are willing to push Ethereum towards $ 170. However, looking at the chart at the moment, their dream remains only a mirage.
Breakdown of Ethereum looming – Confluence detector
Ethereum is traded below the simple moving averages (SMA) in the 1 hour interval. The 50-day SMA offers immediate resistance while the 100-day SMA will limit earnings marginally below $ 160. Higher up, there is not much resistance according to the Detector Confluence tool. There will be a slight fight at 157.85.
However, after the bulls claim the position above $ 160, they must prepare for the correction of the seller's concentration at $ 162.65. As mentioned, they have their eyes at $ 170 but, first, they will have to cancel the resistance to $ 165.85 and $ 169.05 respectively. On the other hand, ETH / USD is strongly supported at $ 143.45.
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