Here’s Why Ethereum’s Overnight Plunge May Help Clear a Path to $700

Here’s Why Ethereum’s Overnight Plunge May Help Clear a Path to $700


Ethereum was struck hard by the plunge seen yesterday evening by the aggregated crypto market After setting fresh 2020 highs of $495 alongside BTC’s push towards $19,000, the cryptocurrency saw a rapid and unrelenting plunge that sent it to lows of $450 on some trading platforms This 10% decline occurred over the course of a few minutes and sent shockwaves throughout the entire market It has since recovered from these lows and is now consolidating above $470 One trader is calling for a move up to $700 once ETH can break $490 The path to set these new multi-year highs could have been cleared by last night’s decline

Ethereum was the first major digital asset to plunge last night, with Bitcoin following close in its footsteps.

The intensity of this decline was unrelenting and caused the cryptocurrency to shatter all the major support levels it had formed within the upper-$400 region.

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This selloff had two major effects: liquidation of

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