Ethereum has been slowing grinding higher since the large sell-off that took place on January 26. The 0.0065 price level has also become a very important area from a technical perspective. This level prevented price from breaking higher on four occasions on the 27th of January. When price finally broke above 0.0065 on the 28th, 0.0065 then turned into support. Price closed underneath this pivot today, so the likelihood of 0.0065 turning into resistance once again is very high! If 0.0065 does in fact turn into resistance, I would think that another sell-off will take place over the next few days.
There is also another interesting development on the charts – the breaking of the trend line. Since the 27th, the market bounced from this trend line multiple times. However, that was not the case today. When a trend line and a pivot zone are taken out on the same day – watch out!
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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