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
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…