Since plunging from the $390 highs to $350 on Sunday morning, Ethereum has undergone a strong bounce that has taken it back above $365.
The cryptocurrency has legacy markets and Bitcoin to thank, as both have pushed higher over the past few hours. Bitcoin now trades at $10,350 after reaching lows of $10,200 while the futures for leading American stock indices like the S&P 500 and Nasdaq are up 0.5% as of the Sunday evening (Monday morning in Asia) open.
Ethereum, though, may soon undergo a correction as the price of the coin approaches a pivotal technical level.
One trader, referencing that level in a recent analysis, suggested that it would be “logical” for the cryptocurrency to undergo a rejection now.
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Ethereum could undergo a rejection in the near future due to the level ETH is running up against being