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What happens if Ethereum weakens below $4,000?
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ambcrypto.comEthereum continued its gaining spree during October, extending gains up to nearly 60% since the start of the month. However, a correctional phase was in effect as Bitcoin’s snapped a 12-day low at $58,000. For ETH, onus now fell to near-term support levels of $4K and $3,650. Should bulls falter at these levels, ETH could further weaken to $3,500-$3,100 before mustering strength for a new ATH.
Source: ETH/USD, TradingView
Ethereum’s closest defensive option was available at $4K and $3,700 but the Visible Range Profile suggested that these regions were yet to establish as reliable support zone. Should bears capitalize on these cracks, the lack of demand above $3,500 would see ETH decline by a further 10% before moving to a stronger support
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