Since the 26th, the Ethereum bear market has taken a bit of a break and price has started to trade in a sideways market between 0.01725 and 0.0162 – two pivot zones that I outlined in my last ETH technical article as potential areas interest for traders.
The 0.0162 area is now acting as support; 0.01625 provided support on the 28th; 0.016 acted once as support today.
While price did penetrate the 0.01725 pivot area on the 28th, the market has been unable to trade above this level for any length of time. In fact, this week, the 0.01725 area has acted as resistance about three times. Price is now sandwiched between these two well-established pivots zones. If price makes it under 0.0162 at some point over the next few days, I would expect the bear market to continue.
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.
Livestream tokens on Pump.fun are rewriting the playbook for creator monetization. They’ve opened a floodgate…
FTX is set to make another round of creditor payouts. Yesterday, the exchange confirmed it…
The stablecoin market just got a major shake-up. Reeve Collins, the cofounder of Tether, the…
Justin Sun, CEO of TRON DAO, has just made one of his biggest announcements of…
$BNB has broken through a historic milestone. The token surged past $1,000, setting a new…
Decentralized finance (DeFi) has continued to disrupt traditional financial systems, offering permissionless access to lending,…