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ETH plunged to 1747 early this morning. From the monthly chart, it just happens to be the support level from March to May last year. Currently, the rebound has gained 10 points, which is a significant strength. Will the decline continue?
From the 4-hour chart, the volume of the rebound is insufficient. At present, it appears to be a rebound at the support level, but the overall trend is still a continuation of the downtrend.
The 1450-1500 level is still highly likely to be reached.
In this current wave of decline, ETH has been relatively stronger than Bitcoin. Based on previous downward performance, ETH should have already dropped to 1500, but currently, the ETH/BTC exchange rate is actually slightly up!
So, will BTC experience a slight dip while ETH catches up with the decline?
The current environment is more similar to 3.12 than previous history, with market liquidity tightening and black swan events brewing for a breakout!