Ethereum Technical Analysis for 03/22/2016 – 0.024 Turns Into Major Pivot Zone

Since the 18th of March, the 0.024 price level has become an important technical level. This area has acted as support about five times in the past three days. The 15-minute chart also shows that price slipped underneath 0.024 yesterday, and 0.024 acted briefly as resistance, but the market broke above this level again. So, 0.024 is now an important pivot area.

Ethereum-technical-analysis-Mar21-2

On the 17th, ETH closed under 0.027, and price has not been able to get back above this level since then. The 0.027 has turned into a giant barrier. This level has prevented the market from breaking-out about eight times since March 17. If there is enough momentum in the market to get above 0.027 at some point, a rally towards the big pivot zone at 0.029 will be very likely.

Ethereum-technical-analysis-Mar21

 

Disclaimer:  This is not trading/investment advice!

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

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