Ethereum Was Just Rejected at a Do or Die Resistance level

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Ethereum has undergone a strong rejection at the daily highs due to fundamental news pertaining to BitMEX. On Thursday morning, the CFTC of the U.S. announced that it is charging BitMEX for derivatives and anti-money laundering violations. Bitcoin dropped in response to the news, falling from $10,900 to $10,450 in the span of an hour or two. Ethereum and other altcoins also plunged as well, leading to the ongoing correction. While this was notable for Bitcoin, the drop was also notable for Ethereum because that meant it once again formed a rejection at a crucial level. Of course, the move was not triggered by technicals but it does show that ETH is still trading below a crucial technical level. Ethereum Is Reaching a Do or Die Level—and It Just Rejected Ethereum’s drop on Thursday came at a critical level for the cryptocurrency. One trader shared the chart below right before…

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