Ethereum Price Prediction: ETH/USD bulls are on a potential launchpad – Confluence Detector

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  • Ethereum price on Thursday has seen a pullback, nursing losses of some 3% in the session.
  • ETH/USD price action is being comforted near-term by small demand at $140, a failure to hold could see a reversal of recent gains. 

 

The Ethereum price on Thursday was seen decent noteworthy losses of around 3%. This coming with the bulls failing to sustain the upside momentum that has been observed of late. An easing has been observed after such a chunky run north.

ETH/USD has managed to find comfort around the $140 price territory, a near-term area of demand. It isn’t too surprising to see a minor pullback, after such an aggressive move in one direction. The price has gained just shy of 50% since 8th February.

Looking via the daily confluence detector for big areas of support and also resistance. Firstly, to the downside; $144.42, daily 61.8% Fibonacci, $142.91, daily pivot support, $139.89, monthly 61.8% Fibonacci. To the upside; $145.92, monthly pivot point resistance, $148.94, monthly 23.6% Fibonacci.

 

ETH/USD daily chart

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