Yesterday’s savage ETH sell-off did some major technical damage. The 0.0335 price level turned into a major pivot zone over the weekend. This area acted as support about three times on Sunday, but once price plunged underneath 0.0335, this area then turned into resistance. The market has attempted to break above 0.0335 on two occasions so far today, but both attempts have resulted in failure. If there isn’t enough buyers to move price above this key pivot zone over the next several days, the likelihood of another sell-off will increase with each passing day.
In one of my previous technical articles on Ethereum, I wrote about the importance of the 0.029 pivot zone, and it seems that this level acted as support yesterday. While yesterday’s crash pushed price all the way down to 0.0269, the 30-minute chart shows that the market could not close and stay under 0.029 for any length of time. If the market slides lower in the near future, the 0.029 area will most likely act as support again! Keep a close eye on this level.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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