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Ethereum (ETH/USD) Might Find Support Soon

Ethereum (ETH/USD) has been in a sharp correction since "mooning" to $1400 in January. This happened after price broke out of a 6-month long triangle, which we can see on the daily chart below.

ETH/USD Daily Chart

  • $420 will be a key level for ETH/USD.
  • This is a support/resistance pivot and with the RSI below 30, the market might see this as an oversold situation.
  • The upside however, is not clear.
  • After such a wild speculative rally in December and January, we should probably anticipate a long period of consolidation.
  • In this scenario, we should limit expectation of upside to $800. 
  • On the other hand, a break below $420 could extend the correction to $300. 

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