Ethereum has been in a bear market since November 22, however, the long-term trend line was broken today for the first time. Trend lines can be very subjective due to the fact that everyone draws them differently, but I have included two screenshots with two different trend line starting points; one starting on the 22nd of November; one starting on the 28th. Regardless of which starting point was selected, it is obvious that the market is currently trading above the trend line.
Trend line starting on November 22:
Trend line starting on November 28:
Is this trend line break really that significant?
Remember, the current bear market started on the 22nd of November with a similar trend line break!
http://themerkle.com/coins/ethereum-technical-analysis-for-11232015-triangle-formation/
Price is also currently trading above the 0.00196 pivot zone. This level acted as support/resistance several times in the past few days, so this area could also act as support again, which is another piece of supportive evidence for my “trend reversal” bias.
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 team behind Starknet has introduced a new token standard aimed at solving one of…
In a move that highlights the growing race to build infrastructure for autonomous artificial intelligence,…
Prediction market platform Polymarket has entered a new partnership with Palantir Technologies and artificial intelligence…
The Ethereum Foundation has begun staking part of its treasury, marking a significant step in…
Fresh reports circulating in the crypto space suggest that Wei Jiequan, better known as Wilson…
The infrastructure powering autonomous AI agents on Ethereum is slowly coming together. Payments, trust layers,…