Ethereum tests 100-DMA hurdle

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.

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 securities. 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 Forex 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.