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Ethereum under pressure again

13 May, 2021

Yesterday the drop back in Ether gathered pace once fell again below 4000. The move to the downside extended to as low as 3,552 and that move came as Bitcoin slumped to just above 46k, supposedly on the comments from Elon Musk. Musk said that Tesla will for the time being no longer accept payment in Bitcoin. However, that does rather belie the fact that this was never necessarily a huge reason to buy the coin in the first place, more just an excuse to drive it higher. Leaving that aside, the drop below 4089 was the catalyst for a deeper fall in Ether as noted here ahead of the fall, and again earlier this morning. The price has recently just fallen back close to session lows not long ago. The price dropped to around 3600. It has just rebounded from there, but the move higher is not yet conclusive. ETHUSD is just now trading at 3705 but the price action is once again sporadic and as unpredictable as ever

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