Ethereum Technical Analysis for 05/16/2016 – Keep Your Eyes on 0.023 Pivot Zone

Since breaking under the 0.023 pivot, last Friday, price has been unable to break above this area, and the market has continued trading in a tightening range. In fact, the 30-minute chart shows a very clear triangle formation, which suggests that pressure may be building up for another big move. If price can break above 0.023 again, I would not be surprised to see the market make another attempt at breaking the major resistance at 0.024 – which I outlined in my previous Ethereum technical article.

Ethereum-technical-analysis-May16

The 4-hour chart however is showing a more bearish scenario. There is a very clear Head & Shoulders formation, with both shoulders lining up with the 0.023 pivot zone. If the market breaks above 0.023, this pattern will be invalidated. So, keep your eyes on 0.023!

Ethereum-technical-analysis-May16-2

 

Disclaimer:  This is not trading/investment advice!

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

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