
Ethereum risks dropping to $3,200 as its latest ETH price decline triggers a classic bearish setup.
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The bullish outlook appears as the ETH price decline stalls near its old Cup and Handle resistance level, now acting as support and thus raising the potential of a strong rebound ahead.
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The potential price decline would also mark Ethereum’s return to its Ascending Channel support.
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Many analysts agree that the “dynamic support” could boost accumulation sentiment in the Ethereum market.
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The plunge points at a growing lack of interest among traders and investors to become “full validators” on its upcoming proof-of-stake blockchain.
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The world’s second-largest cryptocurrency crossed the $4,700-mark days after JPMorgan Chase analysts recommended it over Bitcoin against rising rates.
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SOL price reached another record high on Nov. 7, bringing its YTD gains up by roughly 17,500%.
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SOL price continues to climb with Solana’s TVL also hitting a new high of nearly $14 billion.
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The second-largest cryptocurrency will see over 8% growth against its top rival should the technical outlook play out.
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The 30-day correlation between Ether and Bitcoin remains at 0.81 above zero.
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