Ethereum entered a bear market on the 24th of November, but the technical indicators are starting to look up. The 0.00235 area, which has played a key role since the 26th, has now turned into a major pivot zone. This level acted as support about three times during November, and once price slipped underneath it, 0.00235 then acted as resistance. Yesterday, price made its way above 0.00235 again, so this level is very likely to now act as support, which may set the stage for further price increases. A break underneath 0.00235 would signal a bear market continuation.
If the market uses 0.00235 as support and starts to trend higher from here, the next area of concern would be 0.0026. This pivot is fairly well established; once as support; three times as resistance. I wouldn’t be surprised if any future rallies encounter trouble at 0.0026.
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.