Ethereum Posts Strong Reaction to Key Support Level, But Risk of Downside Remains

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Ethereum and the entire crypto market saw a sharp selloff overnight that caused ETH and most other major altcoins to erase their recent gains This selling pressure struck a lethal blow to the uptrends seen by both major and minor altcoins alike That being said, Ethereum and Bitcoin have both been able to remain above multiple key support levels As such, analysts are noting that bulls may be firmly in control, and may help guide it significantly higher in the near-term This dip seems to have coincided closely with news regarding Bithumb’s Korean offices being raided by authorities Ethereum and the entire cryptocurrency market have been offering investors mixed signs in recent weeks, with the overnight plunge striking a heavy blow to the strength seen by both BTC and ETH. While Bitcoin is now trading back within the mid-$11,000 region – where it has been for the past several weeks…

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