Ethereum Technical Analysis for 12/10/2015 – Trend Line Violation

Ethereum has been in a bear market since November 22, however, the long-term trend line was broken today for the first time. Trend lines can be very subjective due to the fact that everyone draws them differently, but I have included two screenshots with two different trend line starting points; one starting on the 22nd of November; one starting on the 28th. Regardless of which starting point was selected, it is obvious that the market is currently trading above the trend line.

Trend line starting on November 22:

Ethereum-technical-analysis-Dec10-3

 

Trend line starting on November 28:

Ethereum-technical-analysis-Dec10-2

Is this trend line break really that significant?

Remember, the current bear market started on the 22nd of November with a similar trend line break!

http://themerkle.com/coins/ethereum-technical-analysis-for-11232015-triangle-formation/

Price is also currently trading above the 0.00196 pivot zone. This level acted as support/resistance several times in the past few days, so this area could also act as support again, which is another piece of supportive evidence for my “trend reversal” bias.

Ethereum-technical-analysis-Dec10

 

 

Disclaimer:  This is not trading/investment advice!

Chart Source: https://poloniex.com/exchange#btc_eth

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

 

No Responses

  1. Pingback: 다시보기 June 18, 2023
  2. Pingback: 방콕밤문화 July 14, 2023
  3. Pingback: magic mushrooms for sale australia July 31, 2023
  4. Pingback: where to buy psilocybin denver August 13, 2023
  5. Pingback: check here August 15, 2023
  6. Pingback: mushroom chocolate bar box August 18, 2023
  7. Pingback: use this link December 8, 2023
  8. Pingback: buy cocaine January 13, 2024
  9. Pingback: Bassetti Tischdecken March 22, 2024