Here is a chart of ETHUSD with reference points that I have found to be significant in past cycles for the coin. With BTCUSD taking a much needed breather and retesting 48k after topping out around 63k, ETH has been on the move. This is likely the result of the awareness of alt coins growing and the current state of the crypto market. It isn’t out of the question for Ethereum to come back down to test it’s April highs within the next two months. There are definitely some important areas that bulls would need to defend to prevent this 33% pullback. Drop in price is healthy for most assets as it brings more enthusiastic buyers into the market. However, a drop below 3008 could cause ETH to have some problems. I believe that $4100 will serve as strong resistance as the psyche and evident exhaustion in this rally continues to set in. With all eyes on Doge-coin tonight, ETH could cause some problems for late buyers. The area I have marked as “temporary floor” is an idea level I would trade an ETH long from based on the current state of the market the distribution for the coin.
ETHUSD pullback with Bitcoin rally?
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