Ethereum Technical Analysis for 03/23/2016 – Market Stuck Between Major Pivots 0.027 & 0.029

The giant barrier at 0.027 that I outlined in my previous Ethereum technical article, was finally broken on Monday.  Since the 21st, the 0.027 pivot has started acting as support. Yesterday, when price retraced back down to 0.027, this area prevented price from trading lower and the market bounced higher.

In my previous ETH article, I said that if the 0.027 area was broken, the market would probably rally to 0.029, and that is exactly where the market stalled when it jumped above 0.027 on the 21st. So, since the 21st, the market has been bouncing around between 0.027 and 0.029!

At this point, there are no technical signs that show which way the market is leaning, so it’s hard to tell which one of these two pivot zones will be broken first. If there is enough momentum to break above 0.029, a rally up to 0.033 – the swing high from March 16 – would not be out of the question. On the other hand, if there is a sell-off that pushes price below the big pivot at 0.027, I would think that price would continue sliding all the way down to 0.024 – the other significant pivot level.

Related Post

 

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.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

6 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago