Ethereum has been on a tear since February 7th, when price first started to rally. ETH hit an all-time high today of 0.0129997, but the market has now retraced down to 0.0095. This is the first significant retracement in three days.
What is also interesting is that price is now trading below 0.0117, which has been used as support on two occasion today, and another three times as support. This pivot area isn’t very distinguishable on the 2-hour and 4-hour charts, but is quite clear on the 30-minute chart. If price does trade back north towards 0.0117, this level may act as resistance again.
The 0.01 area is also another pivot zone to keep in mind. This level acted as resistance yesterday, and also as support on two occasions today. ETH is trading right in the vicinity of this area as I am writing this article, so it’s possible that this level acts as support once again. If price closes underneath 0.01 and stays there – 0.01 may turn into resistance and further selling is very likely in that kind of scenario.
If price closes underneath 0.01, the trend line – which price has been respected several times since the 7th of February – may also be broken!
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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