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
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
