Confluence Watch: ETH/USD Support
Following yesterday’s edition of ‘Confluence Watch’ on the EUR/USD, today’s attention shifts to the Digital Currency Space: Ethereum versus the US dollar (ETH/USD).
According to the weekly timeframe, the major altcoin is down nearly -10.0% WTD and fast approaching an area of confluence (support) between $2,283 and $2,627.
The support zone boasts several technical components:
• Support zone at $2,283-$2,485.
• Channel resistance-turned-potential support line, taken from the high of $2,018.
• 1.272% Fibonacci projection ratio at $2,379.
• 200.00% extension ratio at $2,387.
• 61.8% Fibonacci retracement ratio at $2,494.
• 50.0% retracement ratio at $2,500.
• 50-day simple moving average, currently circling $2,260.
Ultimately, the trend still favours bulls. Therefore, the above-noted long-term area of support could be a zone buyers work with if tested.
According to the weekly timeframe, the major altcoin is down nearly -10.0% WTD and fast approaching an area of confluence (support) between $2,283 and $2,627.
The support zone boasts several technical components:
• Support zone at $2,283-$2,485.
• Channel resistance-turned-potential support line, taken from the high of $2,018.
• 1.272% Fibonacci projection ratio at $2,379.
• 200.00% extension ratio at $2,387.
• 61.8% Fibonacci retracement ratio at $2,494.
• 50.0% retracement ratio at $2,500.
• 50-day simple moving average, currently circling $2,260.
Ultimately, the trend still favours bulls. Therefore, the above-noted long-term area of support could be a zone buyers work with if tested.
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