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I mentioned last week that the upward velocity of the trend channel would eventually prove difficult to hold on to, but as we stand, this support remains in place and is tempering further losses.
It may be that Monday’s ATH was caused by buying ahead of this upgrade and that the subsequent sell-off was caused by a lack of follow through after printing this new high.
Wednesday’s big bearish engulfing candle is negative, so for Ethereum to move higher this needs to be broken which means a new all-time high will need to be made.
The alt-coin market – total crypto market cap minus Bitcoin’s market cap – remains within the recent trend and stuck to the 9-day moving average.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.