Ethereum Technical Analysis for 03/17/2016 – Major Pivot at 0.029 Turns Into Resistance, Bear Market Incoming?

Since the 14th, the 0.0315 level has become a significant pivot zone. This area acted twice as support on the 14th, when the market was anticipating the release of Homestead, but following the announcement, 0.0315 started to turn into a resistance level. Any retracements in the near future will most likely encounter resistance at 0.315. Mark this level on your charts!

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In several of my previous ETH analysis articles, I have repeatedly pointed out the importance of the pivot at 0.029. Since my last article, this level has acted an additional five times as support. Price made its way under 0.029 today and this pivot started acting as resistance. This is a major development, as the market may have a very hard time getting above 0.029 again, which means that a bear market may now begin for Ethereum.

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Price is currently trading just above another significant pivot zone. The 0.025 level was heavily used between March 6th & 11th, and since price is approaching this level from above, I would think that 0.025 will act as support now. If 0.025 doesn’t stop the decline, price is likely to head all the way down to 0.022, which is where the market reversed on the 8th of March.

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Disclaimer:  This is not trading/investment advice!

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

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