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Ethereum (ETH) pulls back: What's the latest on altcoins?
Ethereum (ETH), which had difficulty surpassing $ 2350, pushed altcoins to decline with its downward direction.
Seeing a sell-off from a critical resistance area, the ETH soon experienced a decline of more than 5 percent. The pioneer of altcoins, which has not yet been able to clearly break the $2350 resistance, pulled back to $2220. In this process, the ETH, which dragged down almost all of the altcoins, somewhat rasped the greed in the market.
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So, what kind of path can ETH, which is the representative of altcoins, draw from now on? What is the latest situation on the technical side for ETH?
Altcoins are counting down the days to celebrate!
The ETH, which continues to operate the $2375 – $2406 range as a decisive zone, can have an explosive effect on altcoins as long as it stays above this band. Looking at the current situation, Ethereum, which does not yet have enough buyers, continues to wait for altcoins.
The ETH, which is trading at $2235 at the time of writing, will want to target the red area if it breaks $2300. Based on the price structure, volume, and buyer appetite in the red area, we can see a rise towards $2502 and $2547. When these levels are reached, there will be a significant positive movement in altcoins. If the BTC dominance increases or the BTC price moves downwards, a decline to $2203 – 2160 and $2127 can be observed for the ETH, respectively.