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Ethereum price prediction: ETH/USD bullish price structure subject to a breakout – confluence detector

FX Street
Updated:
  • Ethereum on Tuesday in the latter part of the session is nursing minor losses of 0.55%.
  • ETH/USD price action is moving within a bullish pennant pattern structure, subject to a breakout.

Ethereum price in the second part of the session on Tuesday is nursing losses of over 0.55%. Price action is moving within consolidation mode, subject to further potential moves north, as the market remains within the control of the bulls.

ETH/USD price action has formed a bullish pennant pattern formation, which is subject to a breakout, given the narrowing in conditions. The bulls have taken a deep breather after a dominating recovery seen over the past few days.

Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $281.66, daily pivot point resistance, $284.46, weekly pivot point resistance. To the downside, $264.87, daily pivot point support, $259.28, weekly 23.6% Fibonacci.

 

ETH/USD daily confluence detector

 

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