- 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.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.