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Blocksmith Says: ETH Bounces at January Uptrend Support

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The price of Ethereum reacted sharply to the January uptrend support line and at the 40-day cycle low in yesterday’s session.

There was an upside reaction across most equity indices overall as well. Key support is at US$3,000 (currently some 10 points lower) and we need to see this level hold before projecting the next higher targets of US$3,250 and US$3,500.