Ethereum Technical Analysis for 02/13/2016 – Plenty of Pivot Zones

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.

Related Post

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

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.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

5 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

6 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

7 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

7 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

10 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

11 hours ago