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Ethereum Bounces at the 200-day SMA

Long
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
The Ethereum baby has gotten thrown out with the Bitcoin bathwater. But now all sorts of interesting things could be happening with the No. 2 cryptocurrency.

The first big technical event is price bouncing at the 200-day simple moving average ( SMA ). BTC has been mired below this average since May 19, while ETH has seldom closed below it.

Next are the quick rebounds from the lows around $1,700. That level is near the breakout zone in late March. It’s also noteworthy that the ETHBTC ratio started climbing shortly afterwards -- a sign that’s when the market got excited about Vitalik Buterin’s project:

And, of course, there are reasons to be interested in ETH with fee burning ( EIP-1559 ) scheduled to begin under the London hard fork next month.

Finally, ETH is back above $2,000 after almost a week of probing below that psychologically important number.

Overall, the cryptocurrency market has taken a beating in the last seven weeks. But now a lot of bad news (mostly involving Bitcoin and China) is priced in, while potential good news (involving Ethereum ) is coming into sight.

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