Ethereum tests 100-DMA hurdle

Omkar Godbole FXStreet Contributor

The price of digital currency Ethereum is currently chipping away at the 100-DMA resistance of $180.23 levels.

ETH/USD or Ethereum plunged more than 20% on Sunday morning. Prices hit a low of $130.26 before staging a sharp recovery largely on the back of the oversold conditions as represented by the 14-day RSI.

On the daily chart, the falling channel is intact, although Sunday’s candle with long lower body, if followed by an end of the day close above the 100-DMA today could lead to extension of the ongoing correction.

As per coinmarketcap.com, Ethereum has gained 12% in the last 24 hours. Bitcoin has strengthened 4.3%. Litecoin & Dash are up 6.7% and 7.4%, respectively. The total market capitalization of the crypto currencies currently stands at $72.6 billion.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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