Ethereum Technical Analysis for 02/29/2016 – Pivot Zone Overview

As I pointed out in my previous Ethereum technical article – the 0.001475 level is, and still remains, a pivot zone of great technical significance. Since my last analysis, the 0.001475 has acted as resistance an additional three times, and another four times as support. ETH is now trading underneath this level, and unless there is enough buying interest to maneuver price above 0.001475 in the next 24 hours, the most likely direction for price is south.

Ethereum-technical-analysis-Feb29

If 0.001475 hold as resistance and price continues to slide lower, the next significant pivot zone can be found at 0.0135. This level propped up the market fourth times in the aftermath of the big plunge on the 25th, so this level is very likely to act as support again. Mark this one on your charts!

Ethereum-technical-analysis-Feb29-2

 

Disclaimer:  This is not trading/investment advice!

Chart Source: https://poloniex.com/exchange#btc_eth

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