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Ethereum Could Soon Set “New Highs” as $400 Resistance Weakens: Analyst

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Ethereum Could Soon Set “New Highs” as $400 Resistance Weakens: Analyst

NewsBTC1 month ago
Published on August 05, 2020 02:15 GMT+0edited on August 05, 2020 03:14 GMT+0

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Ethereum has bounced back quickly after last weekend’s 26% crash from its highs. As of the time of this article’s writing, the leading cryptocurrency has a price of $399 — just 4% below the year-to-date high.

Analysts say that pressure is building for a large move higher as the $400 resistance comes under fire.

Further boosting the Ethereum bull case is a slew of fundamentals, including the growth in decentralized finance and accumulation of ETH by institutions.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

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