Ethereum Technical Analysis for 05/09/2016 – 0.0205 Pivot Level Continues to Influence Price

The 0.0205 pivot zone – which I outlined in Friday’s ETH article – is continuing the exert its influence on market participants. Since the big sell-off that took place on Friday, the 30-minute chart shows 0.0205 acting as resistance a total of three times. While price traded above 0.0205 today – two times to be more exact – the market is trading under this major pivot zone yet again. If 0.0205 turns into resistance now, another sell-off down to 0.0195 is quite likely.

At the start of May, 0.0195 briefly acted as support/resistance, but this area has now become very significant. During the big sell-off on the 6th of May, the market reversed as soon as it hit 0.0195, and the same thing took place on the 8th. The 0.0195 has acted as support a total of three times this month. This is another level that should be marked on every ETH trader’s chart!

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Disclaimer:  This is not trading/investment advice!

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

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