Ethereum Technical Analysis for 08/31/2015

Ethereum Technical Analysis for 08/31/2015

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Ethereum was trading in a very tight range between the 26th and 30th of August, and price finally broke upwards on the 30th. During the sideways trading period, the 0.00526 area acted as resistance on several occasions, preventing the market from breaking out. This level was used as support today when the market retraced back down, so 0.00526 can now be considered a pivot zone as it has been used as both – support and resistance.

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There is also another massive pivot zone at 0.006! This level has been causing major problems for the last two days. The market has tried to rally twice above 0.006, and has failed on both occasions. Why? Because this level was used quite heavily on the 21st, 22nd and 23rd of August. During those three days this area provided quite a bit of resistance and price has not been trading near this level since that time, so when price bumped up against 0.006 yesterday, an immediate sell-off took place. If the market manages to break through this level today or tomorrow, the uptrend will likely continue, otherwise, the market will most likely head lower over the next few days.

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Chart Source: https://poloniex.com/exchange#btc_eth

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