In my previous ETH article, I speculated about the technical significance of the 0.0218 area and how it might start acting as resistance. Since the 4th, the 0.0218 area has acted as resistance a total of four times, as well as support on two occasions.
While yesterday’s unexpected news regarding Gemini had a positive effect on price – pushing it to 0.0226 – the market has been unable to break the triangle formation that has been forming since the 2nd of May. The 30-minute chart shows that the trading range has been getting narrower and this indicates that pressure is building up. Is another big move imminent?? It appears that way!
There is also a large pivot area at 0.0205 – which I also described in my last article – that will likely come into play; that is assuming the triangle formation breaks to the downside. Given the history of this area, it would not be surprising to see 0.0205 act as support in the near future. Every trader should have this area marked!
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.
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…