Ethereum’s exchange rate has been trying to break above 0.00215, albeit very unsuccessfully I might add, since December 17. I outlined the technical importance of this pivot zone in my last ETH technical analysis, and it seems that this level is now an even bigger battle ground.
Although there hasn’t been enough buyers to surmount 0.00215, the 0.002 level is also now acting as support, so the market is currently sandwiched between those two pivots. The 0.002 area has acted as support/resistance several times since the sell-off on the 17th, so this area is just as important as the pivot at 0.00215.
Besides the two pivot zones I outlined above; there is no clear indication as to which way the market is leaning, however, the 30-minute chart is showing a triangle formation. These types of narrowing trading ranges usually indicate an accumulation of pressure. The sell-off on the 17th was preceded by a very similar pattern.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_eth
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