Today ETH broke below another important important pivot zone. The pivot area at 0.025 – which I wrote about in my last Ethereum technical analysis article – managed to hold price on the 17th about three times, but today, price plunged all the way down to a low of 0.02014. The 0.025 area is now acting as resistance and price would have to break above this level, if there is going to be any serious rally back to the big pivot at 0.029. If price fails to get above 0.025 over the next few days, the current selling pressure is likely to continue.
The price band between 0.0215 & 0.022, has been used as support twice this month. Actually, an even bigger support area lies just below 0.0215, at 0.02, which I explained in this article on the 4th. If ETH continues to sell-off today and tomorrow, there will be some major battles taking place in the above-mentioned pivot levels in the near future.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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