Ethereum Technical Analysis for 05/13/2016 – Major Resistance at 0.024

Today, the ETH exchange is hovering above 0.023 for the first time since the beginning of April. In the past two months, the 0.023 pivot zone prevented the market from breaking out on multiple occasions; three times to be more exact. Given the history of this very important technical level, I would say there is a very good chance that 0.023 may now start acting as support – which may set the stage for another rally over the next few days.

If for some reason the market breaks under 0.023 again – 0.022 will likely be tested once again. Since the beginning of May, the 0.022 area acted as resistance about three times. Yesterday, the 0.022 pivot turned into support, when the market retraced to this level.

Now, let’s discuss the major pivot zone at 0.024, which goes all the way back to March. I have also written about this area in one of my previous Ethereum articles, and it seems that this level is now acting as resistance. As soon as price touched 0.024 today, there was a very abrupt reversal. It is clear that market participants are aware of the significance of this area! While the market has been trending nicely for the past few days, price is now trading between two major long-term pivot zones; 0.023 on the lower end; 0.024 on the upper end. A break of either of these levels will determine which way the market heads from here.

Related Post

 

Disclaimer:  This is not trading/investment advice!

Image credit: 1

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

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

6 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

7 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

7 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

8 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

11 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

12 hours ago