Ethereum Price Support: A Discovery Using Past Price Points

LeoFinance
9 days ago
1 Min Read
258 Words

Ethereum has had a nice little pullback after the explosion higher and though it did not take out the all time highs it has been a few years since price played up at these levels.

That leads us to wonder, where are the potential price supports for ETH if we did see any continued selling.

Prices from the Past - 2018 Peaks

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Looking at the chart you see I have a few horizontal lines drawn. The upper most line was drawn off a pivot point top back in February of 2018. This screenshot is not zoomed out that far in interest of being able to clearly see the current price action, but nonetheless that line is drawn directly of that pivot point, which represented what would be the second lower high after the all time peak.

So we are looking at 975 are as a potential support which in a way came into play as yesterday's candle spiked through it before rallying into the candle close.

This level is not something I am using as an absolute support level, but definitely a reference to work off of until current price action hammers out some clear support levels.

In the meantime I'd like price to remain above that line with roughly 830 being the next potential support, also based off of historical price action.

The next couple weeks will be very telling in BTC and ETH price. Ideally we need to make another new high to prove this isn't a blow off top.

Posted Using LeoFinance Beta