Since the 18th of March, the 0.024 price level has become an important technical level. This area has acted as support about five times in the past three days. The 15-minute chart also shows that price slipped underneath 0.024 yesterday, and 0.024 acted briefly as resistance, but the market broke above this level again. So, 0.024 is now an important pivot area.
On the 17th, ETH closed under 0.027, and price has not been able to get back above this level since then. The 0.027 has turned into a giant barrier. This level has prevented the market from breaking-out about eight times since March 17. If there is enough momentum in the market to get above 0.027 at some point, a rally towards the big pivot zone at 0.029 will be very likely.
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.
A crucial development is taking place at the intersection of legacy finance and blockchain as…
Morgan Stanley is taking a big step into digital assets space with the launch of…
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…