Ethereum Just Closed Beneath These Critical Levels; Here’s What May Come Next

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Ethereum’s price action throughout the past few days and weeks has been rather lackluster The cryptocurrency has been underperforming Bitcoin and even some of its altcoin counterparts This trend is shifting slightly today, as the entire crypto market is starting to move higher One analyst is noting that ETH is bearish from a purely technical standpoint, as it is currently trading below multiple key technical levels Yesterday, it closed beneath both its 50 and 100-day moving averages. The last time this occurred was in April. Ethereum and the aggregated crypto market are currently in the process of bouncing due to Bitcoin’s surge past $10,700. This rally has come about due to news regarding publicly listed company Square’s decision to purchase $50 million in Bitcoin that will be held on their balance sheet – a strategy similar to that seen by MicroStrategy. ETH still has quite a bit of work to…

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