Ethereum staged an impressive rally over the past two days, but the market is now trading at a key price level. The 0.0026 area acted as resistance at end of November of 2015, and ETH had not traded near this price since that time, so this level is now acting as a barrier once more. The market has made several attempts to trade higher today, but instead, several large sell-offs occurred that pushed price as low as 000233471.
Judging by the extremely volatile price action today, it would seem that the bullish momentum seems to be fading. The MACD indicator is also showing divergence, which very frequently foreshadows changes in market direction. The market has been on a tear since January 8, and it seems that a retrenchment may be on the way over the next few days.
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.
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…
Polygon has made a big move in cementing its mission as one of the leading…