Ethereum is at Risk of Losing a Crucial Level Following Yesterday’s Selloff

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Ethereum has been closely tracking Bitcoin’s price action in recent weeks, which caused it to see some intense bearishness yesterday The cryptocurrency’s price dove as low as $367 once the selling pressure began peaking From this point, it saw a strong rebound that allowed it to recapture that vast majority of these losses It now appears to be well-positioned to see slightly further near-term upside One analyst believes that this latest dip did put ETH at grave risk of seeing a notable selloff There’s one key level that bulls must defend to guard against this possibility coming to fruition Ethereum and the aggregated cryptocurrency market has flashed some signs of weakness throughout the past couple of days. This weakness has come about as the result of Bitcoin not being able to break above $12,000, while Ethereum remains trapped beneath $400. These resistance levels have proven to be insurmountable, and it…

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