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Blocksmith Says: ETH’s 40 Day Cycle Bottoms

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Ethereum is tentatively building on a key support ledge in the 40-day cycle trough zone (semicircle represents the cycle). RSI is also trying to form a base at the bottom of the 40 – 8- bullish range.

The overall look of price action over the last eight sessions is more that of a downtrend consolidation but we should keep an eye on it and any sharp push higher here will be taken that the 40-day cycle has actually bottomed and is pushing higher again.