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Ethereum is headed for a 38% correction after big price rally, analyst says – CNBC

May 26
14:48 2017

Ethereum, a rival cryptocurrency to bitcoin that has rallied over 2,700 percent this year, could be due for a correction to the tune of 38 percent, according to one analyst.

On January 1, ethereum was trading at just under $8 and has risen to a record high of $227.26 on Wednesday, marking a 2,747.9 percent rise, according to Coinmarketcap.com. The cryptocurrency was trading at around $191.78 in the early hours of Friday morning and has been moving within a tight range.

This brings ethereum close to a price level which one technical analyst, who looks at historical trading patterns to determine future price moves, said could see a sharp drop in the digital currency.

Nicola Duke, an analyst at analysis platform Forex Analytix, said that if ethereum trades below $170, then it could mean the price falls to $140. This would mark a 38.4 percent decline in the price from Wednesday’s high of $227 and around a 27 percent fall from Friday’s early morning trading price.

Continue Reading At CNBC

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