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!
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.
In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…
The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…
Last week saw major investment firm Strategy Inc. (MSTR) bust into the crypto world with…
One of Bitmine Immersion Technologies came out to be the most aggressive in its cryptocurrency…
The RAVE controversy is now one of the most significant market integrity matters in recent…
A shocking turn of events followed on the cryptocurrency market when on-chain analyst zachxbt took…