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Ethereum Plunges 10%

On the daily chart, the price has dropped sharply below the $1,750 level and the key 200-day moving average, located around the $1,800 mark. The mentioned moving average is one of the most important trend indicators, and the market is considered to be in a bearish phase when the price trades below it. Currently, the short-term $1,650 support level is holding the price, as a bullish pullback seems probable. Yet, the market structure has shifted bearish with the recent decline, and a retest of the $1,400 level looks probable in the coming weeks. After weeks of consolidation in a tight range, Ethereum’s price experienced a sudden drop over the last few days.

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