The Ethereum digital currency retraced after hitting yet another all-time high of 0.0178 yesterday. This retracement has been very ordered and the market has left some very distinct pivot zones, which are quite visible on the 15-minute, and also on the 30-minute chart. The 0.016 pivot area is most visible on the 15-minute chart, which shows this level acting as support on two occasions and once as resistance.
The 0.014 level is a much more importance technical level. This pivot has been used as support about four times in the past two days. The 30-minute chart also reveals that 0.014 has acted as resistance two times today. If price break above 0.014, then another really towards 0.016 – or even higher – becomes very likely.
ETH is currently trading just bellow the 0.014 pivot, but also above 0.0125, which happens to be another significant pivot level. This area has acted as resistance on four occasions since the 10th of February, and once as support. The market is essentially sandwiched between those two levels, and a break of either will determine which way the market will head over the next few days.
There is also a trend line that has formed since ETH started sliding yesterday. A break above 0.014 would also mean the breaking of this trend line, which will probably open the door for further increases.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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