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!
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.
The abbreviation Crypto refers to digital money which uses blockchain technology to operate as a…
A fresh round of investments over the last day shows high-net-worth individuals and institutional players…
The continued growth of Bitcoin is reflected in the rise of its holders, with the…
In recent times, Ethereum has faced a lot of selling pressure, with the last three…
A prominent cryptocurrency trader is enjoying unprecedented success with high-leverage positions on the Hyperliquid platform,…
Donald Trump's World Liberty Financial (@worldlibertyfi) has once again made a significant move in the…