After a period of relative calm, cryptocurrencies suffered a sudden crash. Ethereum was under pressure for a long time and took quite a hit at the recent sell-off. The ETH/USD chart shows it has one critical support line left.

The Technical Confluence Indicator demonstrates that Vitalik Buterin’s brainchild enjoys a cluster of potent technical support levels at $253. These include the Fibonacci 161.8%, last month’s low, the one-hour low, and the Bolinger Band 15m-Lower.

Further down, there is only a soft support line at $241 which is the Pivot Point one-week Support 3. And then there is nothing as far as the eye can see.

Looking up, some resistance awaits at $268 which is the one-hour high, the Pivot Point one-week Support 1, the PP S3, the BB 1h-Lower, and last week’s low.

A more substantial cap awaits at $283 which is the convergence of the Fibonacci 23.6% one-day, the BB one-hour-Middle, the SMA 100-4h, and the BB 4h-Lower.

Here is how it looks on the tool:

The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.