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.
Velocity Ticket is trying to fix a major gap in businesses, and the approach it…
Axelar is moving fast to contain damage after identifying a security incident that has resulted…
suiUSDe now has a dedicated landing page. The token, officially the eSui Dollar, comes out…
Ventuals has fully wound down its HIP-3 DEX, and vHYPE withdrawals are now open. The…
Avalanche has launched the Avalanche Payments Collective, bringing together 28 organizations spanning nearly every layer…
A wallet tracked as 0x5f91 just opened a fresh 5x leveraged long on ASTER, putting…