The Merkle

Ethereum Technical Analysis for 3/21/16 – Elliot Waves vs Divergence

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After rebounding off the 0.021 level for the second time this month, the ETH/BTC pair is making a steady climb to the 0.025 level.  In our previous Ethereum technical analysis, we discussed how the price would have to break the 0.025 pivot in order to be able to see a rally anywhere near the big pivot at 0.029. Currently, ETH is trading at 0.026, meaning that the market has broken out of the resistance zone and is ready to new heights.

 

Unfortunately, Ethereum’s market cap has also dropped around 25% in a week, reason being the big selloff from 0.036 all the way down to a low of 0.022 – a 39% price decline. The good news is that there was strong proven support at the 0.022 level both prior and after the major selloff, indicating that the market won’t crash into oblivion.

 

Read More: http://themerkle.com/ethereum-technical-analysis-for-32116-elliot-waves-vs-divergence/

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