- The battle to pull Ethereum price back above $140 is in progress and currently limited by the 100 SMA 4-hour.
- According to the confluence detector tool, the path of least resistance is to the upside.
Following the failed attempt to reach $150 over the last weekend’s trading, ETH/USD stepped back below $140. The bulls managed to draw the line in the sand marginally above $136 preventing further declines. The battle to pull Ethereum price back above $140 is in progress and currently limited by the 100 SMA 4-hour and the 61.8% Fib retracement 1-hour.
It is vital that the price clears the barrier at $140 in order to revive the buyers’ confidence before they start to tire. According to the confluence detector tool, the path of least resistance is to the upside. However, the second largest asset must overcome the resistance at $139.34; a region that is highlighted by various indicators including the Bollinger Band 4-hour middle, 10 SMA 15’, the 38.2% Fibo daily, 5 SMA 15’, 5 SMA daily, 100 SMA 1-hour, previous high 4-hour, previous high 4-hour, the 23% Fibo daily, Bollinger Band 1-hour upper, Bollinger Band 15’ upper, previous high 1-day and the pivot point 1-day R1.
If the bulls manage to clear the $139.34 barrier, they will open the way for a correction towards $140 and trend past the weaker hurdles at $142.74 and $145.63.
Strong support zones are key to a reversal and Ethereum has no shortage of these. Initial support is seen at $138.40- 135.40 with a confluence of the Bollinger Band 4-hour lower, Bollinger Band 15’ lower, previous low 1-day, pivot point 1-day S1, 50 SMA 4-hour, 200 SMA 4-hour, 10 SMA 1-day, Bollinger Band 1-hour upper, the 161.8% Fib level daily, previous low 4-hour, pivot point day S2, pivot point weekly S3, Bollinger Band daily middle and the 61.8% Fib level weekly.
Although a slide below the above support zone is unlikely for Ethereum in the coming few days, a slide would find more support at $132.61,129.71, $126.82 and the $122.48.