- Despite falling over 29% Ethereum still managed to aviod a massive support zone.
- The level was formed back on 18th December and inspired a massive rally.
ETH/USD daily chart
Today has been a dark day for the cryptosphere and Ethereum is one of the worst performers. The price had dropped more than 30% at one stage but the price has pulled back slightly. Now this leads us to look for support zones to find out where the capitulation will stop and then resistance levels if you want to try and jump back in on the short side.
Looking at the chart below, you can see the bears failed in their attempt to hit the massive low of 116.25. If the bears come in again over the next few days it would be good to see if they could manage a test of the main low. Then above current levels if you are trying to catch a short there are a few good zones near by.
Just below 140.00 the price has found support and resistance on 3 good occasions on this chart alone. If you pull the chart back it has been used a good few times too. Way above that closer to 194.00 there is also a good zone. This one was the consolidation high earlier on espcially on the left hand side of the chart. This could potentially mean it has an important role in the future if of course the price does move back up.
In very volatile market keep a tight stop and try and manage your positions carefully. But there are always good trading opportunites around!.
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The level was formed back on 18th December and inspired a massive rally.