Analyst: Ethereum Likely to Plunge Towards $320 After Tapping This Key Level

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Ethereum has been closely tracking Bitcoin’s price action throughout the past few weeks, although it has been able to outperform the crypto in recent days The cryptocurrency is currently trading up significantly from recent lows of $379 that were set during its recent selloff While BTC remains below its pre-selloff highs, Ethereum has been able to surge past them Despite this strength, analysts are still noting that the crypto may plunge into the lower-to-mid $300 region in the near-term The movement to this liquidity region may come about after its price rallies up towards $425. Ethereum’s recent decline to the sub-$380 region kicked off a strong uptrend, which has since allowed it to firmly surmount the resistance it was previously facing around $400. The cryptocurrency is now attempting to secure a strong foothold within this price region, as a flip of $400 into a support level could be enough to…

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