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

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

3 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

3 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

3 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

3 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

4 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

7 hours ago