Since the big trend-line break on the 10th of December, the Ethereum digital currency has managed to power through some key levels on its way up. The 0.0021 area – which stalled the market after the initial trend line violation on the 10th and again on the 11th – turned into support when price broken above it on the 12th. This level is now a pivot zone and is very likely to act as support again.
Actually, the price band between 0.0021-0.00215 is one massive pivot area. The 0.00215 level has supported the market on four different occasions since December 12.
So, the big dilemma is: when is price going to break and which way?
The triangle formation – which is visible on the 2-hour chart – is showing that pressure has been building up for the past few days now. The trading range is getting compressed into a tight space, and this is pointing to an imminent break. There is a lot of support underneath the triangle (0.0021-0.00215), so it would seem that a bullish bias here is warranted.
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.
In the unpredictable world of cryptocurrency, new tokens launch daily, each one a shining beacon…
Once more, Ethereum is commanding the spotlight as fresh figures indicate that the amount of…
The ecosystem on Arbitrum keeps flaunting its robust foundations, with a steady incline in the…
Once again, major market players are focusing on Ethereum. The whale activity surrounding the second-largest…
It has been a tumultuous week for the artificial intelligence sector in crypto. Sharp valuation…
Following a brief stint of dormancy, the BSC Foundation is back in action, reestablishing its strategic…