Since breaking under the 0.023 pivot, last Friday, price has been unable to break above this area, and the market has continued trading in a tightening range. In fact, the 30-minute chart shows a very clear triangle formation, which suggests that pressure may be building up for another big move. If price can break above 0.023 again, I would not be surprised to see the market make another attempt at breaking the major resistance at 0.024 – which I outlined in my previous Ethereum technical article.
The 4-hour chart however is showing a more bearish scenario. There is a very clear Head & Shoulders formation, with both shoulders lining up with the 0.023 pivot zone. If the market breaks above 0.023, this pattern will be invalidated. So, keep your eyes on 0.023!
Disclaimer: This is not trading/investment advice!
Image credit: 1
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.
Something just shifted again on the Bitcoin network, and it’s one of those things miners…
Something interesting is quietly happening in the market again, and it’s coming from a name…
At a glance, XRP’s price hasn’t done much lately. It’s been moving sideways, not giving…
At the latest “SEC Speaks in 2026” event, the U.S. Securities and Exchange Commission made…
Morgan Stanley is edging further into the crypto space after filing a second amended S-1…
Ethereum co-founder Vitalik Buterin is once again stirring conversation across the crypto space, this time…