Ethereum’s Market Structure Suggests Move to $3,600 Could be Brewing

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Ethereum is seeing some technical weakness today despite the strength seen by Bitcoin Some bearish events within the DeFi sector may be contributing to this, including a massive smart contract exploit that cost investors millions This has caused it to see some notable underperformance of Bitcoin throughout the past 24 hours Despite this short-term technical weakness, one analyst is still noting that the bull case is growing stronger each day He notes that a move to $3,600 could come about in the next year or so, which would mark a roughly 400% rise from its all-time highs that were set in the first week of 2018 Ethereum is struggling to gain any momentum as its price drifts down towards its support around $400. The cryptocurrency has been trading at this level for quite some time, with bulls struggling to break above the heavy resistance at $420. The rejections it has…

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