ETH/USD bulls face strong resistance levels beyond $256

  • ETH/USD is currently priced at $241.75 following two bearish days.
  • The confluence detector shows that growth beyond $256 is limited.

ETH/USD experienced two extremely bearish days in a row, wherein the price went down from $269.50 to $241.15, charting a 10.52% decrease in value over two days. Wednesday managed to have a bullish opening as ETH/USD is currently priced at $241.75. The daily confluence detector shows that there are strong resistance levels beyond $256.

Ethereum daily confluence detector

As per the daily confluence detector, there is one prominent stack of support from $238.50-$241. The confluences at those levels are – 4-hour Bollinger band lower curve, monthly 38.2% Fibonacci retracement level, 5-day simple moving average (SMA 5), previous week low, 15-min Bollinger band middle curve, SMA 10 and 15-min previous low.

The resistance levels are at $256.50, $258.75, $262 and $264-$267. The confluences at those levels are:

  • $256.50: The first resistance level has the daily 38.2% Fibonacci retracement level.
  • $258.75: The strongest resistance level in the confluence detector has the 4-hour Bollinger band middle curve.
  • $262: SMA 100, SMA 5 and daily 61.8% Fibonacci retracement level.
  • $264-$267: SMA 200, SMA 50, SMA 10 and 1-day pivot point resistance 1.

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