Ethereum defends $120 support: ETH dethrones Ripple from second spot

  • Ethereum retakes second position on the market after surpassing Ripple in market cap.
  • Ethereum technical levels stay positive as cryptocurrency market retreats after weekend gains.

 The market is back in red following a weekend of stability. Ethereum alongside other digital assets corrected higher on Friday last week recording gains from the short-term support at $102 to monthly highs at $126.44. While the marker has started to trim the gains, Ethereum is staying above $120 support.

Ethereum has also made a strong comeback in terms of the market capitalization. The gains come after a period of bear pressure where Ethereum refreshed the 2019 lows of $103. The gains last Friday were a welcome after ETH/USD tested the primary support at $100. A drop below this level would have been devastating for Ethereum including delaying recovery.

The cryptocurrency technical levels are still high at the time of writing supported by high trading volumes. The market capitalization zoomed past Ripple to retake the second position as the data on CoinMarketCap. Ethereum is valued at $12.70 billion in comparison to Ripples 12.54 billion.

In the meantime, ETH/USD is trading at $120.79. It is seeking a support at $120.00 while immediately anchored by $120.00. Slightly below this level the 100-day Simple Moving Average will offer support at $119.24. The next support target is at $116.00 while the main support still lies at $102.00.

ETH/USD 1-hour chart

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