ETH/USD faces stiff resistance ahead

• ETH/USD lost 5% of its value in 15 mins as a result of a sudden bearish movement.
• Daily confluence detector shows stiff resistance ahead decreasing the chance of further growth.

As reported by FX Street, ETH/USD suffered from the sudden bearish movement in the crypto market by losing 5% of its value in 15 mins. Since then the Bulls have fought back as ETH/USD is currently priced at $102.48. Daily confluence detector shows that further growth will be difficult as ETH/USD faces stiff resistance ahead.

ETH/USD daily Confluence Detector

ETH/USD daily confluence detector shows that the market has three stiff resistance levels ahead at $103, $107, and $108. The confluences at those levels are:

• $103: Previous month low and previous week low.
• $107: SMA 10, SMA 100, Hourly Bollinger band middle, SMA 5, Daily 38.2% Fibonacci retracement level, SMA 200, SMA 50, daily 23.6% Fibonacci retracement level, and 4-hour previous high.
• $108: 10-day simple moving average (SMA 10) and SMA 5.

Worryingly enough, there seems to be only one credible support line for ETH/USD at $101.50. The confluence at that level is the daily Bollinger band lower and monthly pivot point.