Here’s Why One Analyst Expects Ethereum to Tap $275 Before Pushing Any Higher

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Ethereum has been struggling to break above $400 for the past several days The selling pressure here is quite significant, and a sustained break above this level would be a highly bullish technical development Because ETH has been consolidating just below it throughout the past few days, bulls may be gearing up for a major push higher Despite being technically strong, one analyst is still expecting the cryptocurrency to see another “scam wick” that leads it into the upper-$200 region He believes this will be necessary for trapping more shorts and adding fuel to the ongoing uptrend Ethereum has been stable within the upper-$300 region for the past few days. Buyers and sellers appear to have reached an impasse as it hovers just below $400. Whether or not it is able to surmount this level in the near-term may depend largely on how Bitcoin and the aggregated market trend next.…

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