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Ethereum's Rally May Hinge Upon Bitcoin's Continued Success

Emily Mason

Summary: Ethereum has launched past $1,000 over the past 24-hours, but its continuation above that level may be contingent on Bitcoin holding its place in the lower $30,000 region.  At the time of writing, Ethereum is trading hands at $1,050 and is up 7%. This marks a notable upswing from recent lows of $720 and a slight decline ...

Ethereum has launched past $1,000 over the past 24-hours, but its continuation above that level may be contingent on Bitcoin holding its place in the lower $30,000 region. 

At the time of writing, Ethereum is trading hands at $1,050 and is up 7%. This marks a notable upswing from recent lows of $720 and a slight decline from daily highs of $1,170. Ether dropped to $890 overnight, but has since recovered, as reported by Bitcoinist.

One popular crypto trader noted in a tweet that ETH's strong overnight rejection and high funding rates could mean a correction is coming. Additionally, selling pressure for Bitcoin could be detrimental for Ethereum.

By Emily Mason

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