ETH/USD bulls regrouping with a focus on $220 – Confluence Detector

Fibo Quantum

  • Ethereum dived to the support at $200 after failing to correct above $220.
  • Building bullish moment has propelled Ethereum above $205 and $210; all eyes set on $220.

A positive reversal is under across the market. However, no expected ballistic movement in the near-term. Ethereum dived to the support at $200 after failing to correct above $220 yesterday. A couple of support areas at $210 and $205 could not stop the losses especially with a steroid powered bear wave during the Asian trading hours.

The building bullish moment has propelled Ethereum above $205 and $210 support turned resistance areas. The price trading at $213 is looking into a seller congestion zone at $217 according to the confluence detector. Three indicators converge here to form a confluence and the include the SMA 200 1-h, SMA 50 4-h and the pivot point 1-D R1.

For a correction above $220 the resistance at $219 highlighted by the SMA 10 1-D. Further movements upwards will face hurdles at $221, $223 and $227 before the hurdle at $230 is tackled.

On the downside, support still exists at $210 as observed by the previous high 1-h, Bollinger Band 1-h Middle, Fib 23.6% 1-W and SMA 100 15-mins. Other key support areas to look out for in the event a reversal occurs are $204, $191 and lastly $186.