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
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.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…