Ethereum’s recent price action might look like normal consolidation. But it’s actually holding some important levels from almost three years ago.
First, ETHUSD slammed all the way down to $911 late Monday morning. That was close to the lows on January 22 and 23 of 2018. It was near the high on February 10, 2018.
Interestingly, ETHUSD consolidated under the same price line between February 21 and March 5 of 2018 before starting its big correction. This important resistance zone inaugurated the last bear market. Has it now become support?
Next, ETHUSD’s subsequent low two days later was at $985. That was within $2 of its February 18, 2018, peak. An old high becomes a new low.
Finally we have the psychologically important $1000 price, which ETHUSD tested and held several times.
Given the bullish acceleration in cryptos this year and high volume on the up days, pullbacks may be shallow. Judging by the chart levels three years ago, this recent consolidation may be as good as it gets.
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First, ETHUSD slammed all the way down to $911 late Monday morning. That was close to the lows on January 22 and 23 of 2018. It was near the high on February 10, 2018.
Interestingly, ETHUSD consolidated under the same price line between February 21 and March 5 of 2018 before starting its big correction. This important resistance zone inaugurated the last bear market. Has it now become support?
Next, ETHUSD’s subsequent low two days later was at $985. That was within $2 of its February 18, 2018, peak. An old high becomes a new low.
Finally we have the psychologically important $1000 price, which ETHUSD tested and held several times.
Given the bullish acceleration in cryptos this year and high volume on the up days, pullbacks may be shallow. Judging by the chart levels three years ago, this recent consolidation may be as good as it gets.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
