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

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.