- ETH/USD has a chance to extend the recovery.
- Critical support lies with $115.00.
ETH/USD is changing hands at $122.47, marginally down in recent 24 hours. The second largest coin managed to recover after a retracement from Friday’s high. However, it is still below the critical resistance of $125.50, that separates us from an extended recovery towards January high at $132.80.
ETH/USD daily confluence detector
ETH/USD daily confluence detector reveals several support areas below the current price:
- $122.60-$122.00 – this support area is packed with critical technical levels, including SMA50 1-hour, SMA10 1-hour, Bollinger Band 1-hour Middle, 23.6% Fibo retracement daily, Bollinger Band 4-hour Middle, SMA10 4hour, DMA5.
- Once below, we will have only minor support levels around $121.00-$120.80 (SMA100 1-hour and the lower boundary of Bollinger Band 1-hour) and $117.00 ( 23.6% Fibo retracement monthly).
- $115.00 – the next critical support created by 38.2% Fibo retracement weekly, SMA50 4hour and SMA200 1hour.
On the upside, the confluence detector reveals the following critical zones:
- $124.80-$125.00 – ETH/USD is having a hard time with DMA50, Bollinger Band 1-hour Upper and 61.8% Fibo retracement daily located in this area.
- $127.00-$127.40 – this is a strong barrier created by the upper boundary of Bollinger Band on a daily chart, 38.2% Fibo retracement monthly and Pivot Point 1-day Resistance 1. This area also encompasses the recent high of $127.00.
- Once the price is above the said level, ETH bulls will set their eyes on psychological $130.00 and January high at $132.80 with little in terms of technical resistance levels on their way.