Ethereum was trading in a sideways market since the 18th of February, but today, price managed to close above 0.0114. This monster pivot zone has been used a total of five times as resistance in the past five days. When price retraced after the initial break out, 0.0114 turned into support and propped up the market! Unless price slides back under 0.0114 again, another rally towards the pivot at 0.014 – which I outlined in my previous ETH technical analysis article – is very likely.
Although price is now trading above 0.0114, there is another small obstacle in the way. The 0.0125 area – which was used as support/resistance on the 15th and 16th – is now acting as resistance. Price needs to make it over this area first, before the market can push towards 0.014.
Ethereum hit an all-time high on the 12th of February, and the trend line that formed as price has been descending since that day, was violated on the 19th! Therefore, from a technical point of view, the break market has ended.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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