ETH has been on a relentless bull market since Monday, and some important pivot zones have formed along the way. The market retraced quite heavily today as price is now trading right around the 0.0307 pivot area, which has been used multiple times this week; once as resistance on the 18th; four times as support on the 19th.
If the 0.0307 pivot area fails to halt the selling, the next technical area of any significance can be found at 0.0282. Between Tuesday and Thursday of this week, the 0.0282 area propped up the market several times. Given the prior history of this level, any additional bear raids over the next few days will likely encounter support at 0.0282.
During today’s retracement, price broke underneath the 0.0323 level. This area has some history and may be retested over the next 24h-48h, so I would recommend traders keep an eye on it.
In breaking underneath 0.0323, the market also broke the trend line! Is today’s price action signaling overbought market conditions?
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.
As the blockchain ecosystem continues to evolve, modular blockchains are emerging as a promising frontier,…
MetaMask wants its own stablecoin. It’s calling it MetaMask USD (mmUSD). And if the recent…
Spartan’s $250K Lambo Challenge Tops 2025’s Crypto Gambling Prize War with Stake & Betway Crypto…
SharpLink is leaning hard into Ethereum. They buy. They stake. They hold. Ethereum currently trades…
After months of consolidation, Cardano (ADA) is regaining investor attention thanks to renewed forecasts projecting…
Whales are back—and this time, they’re not making noise. Despite the relative calm in prices,…