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BTC ETH prices related?

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Anybody here who have any idea why whenever btc price soars, eth do the same?




In yesterday’s analysis, we noticed that the overall trend remains bullish in ETH price as long as the price is above $80 against the US Dollar. The price continued to gain momentum, as it moved above the $86.00 high. The upside surged as nasty, as the price even broke the $98 level, and almost tested the $100 level. There was a high formed at $99.59 (data feed via SimpleFX) before the price started correcting lower.


It is currently correcting lower, and may soon test the 23.6% Fib retracement level of the last wave from the $88.48 low to $99.59 high. There are many supports on the downside, including $96.00. There are also two important bullish trend lines with support at $92 formed on the hourly chart. The most important support could be near the 50% Fib retracement level of the last wave from the $88.48 low to $99.59 high at $94.00.

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