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Ether/Bitcoin unwind continues

11 Jun, 2021

Yesterday as Bitcoin rebounded it did not take many of the other leading alt coins with it. That was perhaps most evident in Ethereum (ETHUSD). The price actually fell back yesterday as more and more hot money flowed back into BTC. Ether fell back from just above $2,600 and the move back below $2,500 caused further liquidation. The move lower in Ether took it down to as low as $2,430 and in later US trading and that caused a significant unwind in that Ether/BTC cross. Indeed, that unwind has extended further today as Ether dropped back earlier to as low as $2,404. Granted it has rebounded again now, but all the while it cannot get back above 2500 then it may struggle. Naturally, given the immediate dynamics of the relative price against BTC it will surely be even more sensitive today to any relapse in Bitcoin should that unfold. ETHUSD is just now trading at $2,455
 

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