ETH/USD bulls face a stack of resistance levels ahead – Confluence Detector

• The ETH/USD market faces little growth with a stack of resistance levels up front.
• With the lack of any strong support levels, the ETH/USD price may go lower.

The ETH/USD market sees minimal scope for growth as bulls face a massive stack of resistance levels ahead. The bears can take over the market and drive the price down even lower as the daily confluence detector shows a distinct lack of any strong support levels.

ETH/USD daily confluence detector

According to the daily confluence detector, the resistance levels lie at $123 and from $124-$127. The confluences at those levels are as follows:

• $123: 15-min previous high, 5-day simple moving average (SMA 5), 4-hour Bollinger band middle curve, hourly previous low, 4-hour previous low, SMA 10, SMA 50, 15-min Bollinger band middle curve, daily 23.6% Fibonacci retracement level, and hourly previous high.
• $124-$127: Previous week high, 4-hour previous high, daily 38.2% Fibonacci retracement level, 4-hour Bollinger band upper curve, hourly Bollinger band upper curve, SMA 50, daily 61.8% Fibonacci retracement level, monthly 38.2% Fibonacci retracement level, daily pivot point, and daily Bollinger band upper curve.

The support levels are at $116 and $115. The confluences at those levels are:

• $116: Monthly 23.6% Fibonacci retracement level and SMA 200
• $115: Weekly 38.2% Fibonacci retracement level.