Ethereum market update: ETH/USD gives in to Bitcoin’s plunge

  • Ethereum reacted in tandem with BTC fall exploring the levels close to $230 support.
  • ETH/USD is trading at $237.67 amid a building bullish trend.

ETH/USD trading pair has lost 2.39% of its value on Thursday in a selloff that was ignited by Bitcoin. The largest cryptocurrency by market capitalization recovery had stalled around $8,000 before the fall that has seen it trade close to $7,500. Ethereum reacted in tandem with BTC fall exploring the levels close to $230 support.

Prior to the current correction, Ethereum had extended gains towards $300 but formed a high at $281. An initial correction over the last weekend found support at the 61.8% Fib retracement level between the last swing high at $281 and a swing low at $124.98at around $220.

At press time, ETH/USD is trading at $237.67 amid a building bullish trend. In the coming sessions, the price is likely to stay the 50 SMA which is limiting declines at $248.10. The longer-term 100 SMA will also hinder growth at $251.95 but a break above $260 could extend the gains to $280. Most indicators point towards sideways trading following the calm in the market after the storm.

ETH/USD 1-hour chart

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