Ethereum price analysis: ETH/USD plunges 24% in line with Bitcoins slide under $10k


  • BTC/USD is currently trading at $10,300 amid a building bullish momentum.
  • Ethereum is poised for further upward correction beyond $230: $240 is a key hurdle.

Ethereum continued to lose ground following last week’s drop to $260. The second largest cryptocurrency explored the levels to the south failing to find support at $240 and $220 consecutively. The losses extended towards $200 but the crypto formed a bottom at $203 representing a 24% drop in less than two days.

As Ethereum tumbled, Bitcoin also dived under $10,000 momentarily before rebounding towards $10,400. BTC/USD is currently trading at $10,300 amid a building bullish momentum.

Also Read: Bitcoin market update: BTC/USD pushing towards $10,400 after testing $9,800

Meanwhile, Ethereum recovered initially stepping above $220 and currently heading towards $230 (100 Simple Moving Average (SMA) 15-mins. The building bullish momentum is supported by the positive technical signals. For instance, the Moving Average Convergence Divergence (MACD) has just crossed back into the positive territory as an indicator of buyers gaining traction.

The Relative Strength Index (RSI) is almost entering the overbought after reversing the move from 13.63 during the Asian hours today. Continued movement above $230 could bring ETH above the flag pattern and further push the gains past $240. On the flip side, if Ethereum reverses the trend and breaks below the flag pattern support, it is likely that the 50 SMA will offer support in addition to $220, 210 and $200 support areas.

ETH/USD 15-mins chart

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP