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Ethereum below 1800 again this morning

12 Mar, 2021

Yesterday Ethereum (ETHUSD) recaptured the $1800 handle as was noted here in an update. It did later go onto the rise above the previous interim high at 1833. However, and despite rising to as high as 1846 late yesterday evening, it has tracked Bitcoin lower and is now falling back below 1800 once again. The failure to get above 1850 even as Bitcoin lifted above 58k earlier today speaks volumes about Ether following, and not leading the price action so far today. The immediate risk now; is that with momentum clearly slowing, if not stalling altogether, the coin now falls further. That could see a drop below 1700 from here, but of course it is very much Bitcoin dependent and right now that looks to be also on the downside, unless it can quickly recapture the drive that took it above 58k earlier today. The risks of what might happen if that does not take place are unchanged from what was said earlier about that. Meantime, Ether is slipping to session lows as it approaches 1775

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