- ETH/USD pushed the limits from the buyer congestion zone around $155.
- After correcting above $170 – $172 resistance zone: ETH/USD is poised for correction heading to $200.
As predicted yesterday, ETH/USD pushed the limits from the buyer congestion zone around $155. The price was stuck in the confines of a narrow range between $166.0 and $168.00 during most of the sessions on Wednesday 17. While supported by the 200 moving average exponential (EMA), the price corrected above both the 50 simple moving average (SMA) 15′ and the 100 SMA 15′. A bullish candle stick engulfed its way above $170.00 and extended the gains to a high of $173.98 on Thursday 18.
Following the jump above the resistance that has now been turned in support at $$170 – $172, Ethereum is still poised for more upside correction. The confluence detector shows the crypto having an almost clear path towards up to $200. ETH/USD only needs to break past the initial resistance at $173.80 in order to open the door for more upside correction.
The zone has a confluence of indicators including the previous high 15′, Bollinger band 4-hour upper, Bollinger Band 15; middle curve, 10 SMA 15′, previous low 15′, 50 SMA 15′, 10 SMA 1-hour, the 5 SMA 15′ among others. Correction past this zone could launch Ethereum into an upward trajectory towards $200. Meanwhile, the bulls will have to deal with the weak resistance at $175.60 – $177.40, $179.19, $182.79 and finally $188.19.
As mentioned formidable support has been established at the former resistance zone between $170 – $172.00. The region is likely to prevent losses in the coming sessions. The zone confluence of indicators is the 5 SMA 4-hour, 10 SMA daily, 38.2% weekly, previous low and the Bollinger Band 15-minutes lower curve. If there clears this zone, expect more support at $168.40, $166.61 $164.81 and $161.21.
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