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.

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!

Related Post

 

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

GSR Markets Deposits $6.42 Million Worth Of ARB To Binance Amidst Market Resurgence

In a significant development within the cryptocurrency space, GSR Markets has deposited a substantial sum…

10 hours ago

Bitcoin And Ethereum Suffer Massive Outflows, But These Altcoins Continue To Do Well

Bitcoin (BTC) and Ethereum (ETH) have experienced significant outflows in the past few weeks. However,…

10 hours ago

Ethena Surges 9% As Galaxy Digital Initiates Major Purchase Amid Airdrop Dynamics

Excitement brews in the cryptocurrency community as Ethena experiences a notable 9% surge in value…

10 hours ago

Ethereum Surges Past $3,000 Mark Amidst Record Wallet Growth

In a whirlwind 24-hour period, Ethereum, the second-largest cryptocurrency, made waves by surpassing the $3,000…

14 hours ago

Bitcoin Market Rebounds: Signals Point To Potential Bullish Trend

Bitcoin, the world's leading cryptocurrency, has seen a significant resurgence in its market value, climbing…

14 hours ago

BDAG’s $20 Target Outshine DOGE and LTC Predictions

Best Crypto Investment: BlockDAG Sets $20 Price Goal for 2027, Outpaces Dogecoin and Litecoin with…

18 hours ago