- Bears take over the ETH/USD market as it loses 1.75% of its overall value.
- Heavy resistance at $107.50 and $109 severely limits ETH/USD’s growth.
Bears have taken over the ETH/USD market as it loses 1.75% of its overall value based on market speculation. Further growth seems difficult as ETH/USD faces extremely heavy resistance up ahead. Daily confluence detector also shows strong support at $104.
ETH/USD daily confluence detector
ETH/USD daily confluence detector show three strong lines of resistance: $107, $109, and $111.50. Each of those lines of resistance has the flowing confluences:
- $107: 50-day simple moving average (SMA 50), 4-hour previous high, SMA 200, hourly previous high, 15-min upper Bollinger band, 15-min previous high, and daily 38.2% Fibonacci retracement level.
- $109: SMA 5 and monthly pivot point.
- $111.50: SMA 50, daily pivot point, and hourly upper Bollinger band.
The daily confluence detector also shows three strong lines of support: $106.50, $105.50, $104. The confluences in those levels are like this:
- $106.50: 4-hour previous low, daily 61.8% Fibonacci retracement level, 15-min low Bollinger band, 4-hour middle Bollinger band.
- $105.50: Daily low Bollinger band, daily pivot point, and hourly lower Bollinger band.
- $104: Weekly pivot point and daily previous low.
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