- Ethereum (ETH) corrects lower alongside Bitcoin (BTC)
- The uptrend of Ethereum is still intact, even though it just broke below the $140 mark
- Ethereum finds strong support level
Ethereum News Today – There is an ongoing price correction in the market, pioneered by Bitcoin itself, and other altcoins are following suit. Ethereum (ETH) began a downward correction from the $148 resistance level against the USD as well as Bitcoin from $8,450. Nevertheless, the upward trend of the digital currency is still intact unless it breaks below the $135 mark.
Ethereum Breaks below $140 but Uptrend Is Still in Intact
After a continuous rise, Ether found hurdles close to the $148 and $150 area against the US dollar. As a result, the price of the digital currency started correcting downwards. Ether plunged lower and broke below the $145 and $142 support levels. Moreover, the price of Bitcoin (BTC) is down by more than 4 percent, as it failed to hold gains over the $8,100 and $8,000 support levels.
Ethereum (ETH) Price Today – ETH / USD
On the other hand, the price of Ripple’s XRP is still holding the $0.2050 and $0.2 support levels. During the recent decline, this week’s accompanied bullish trendline was breached with support close to the $142 mark on the hourly chart of ETH/USD. The price of the digital currency even plunged below the $138 support mark and the 100 hourly simple moving average.
The digital currency is now recovering gradually and trading close to the $140 mark. The immediate resistance of the coin is at the $142 mark. The 50 percent Fibonacci retracement level of the previous swing from the high of $148 to the low of $137 is also close to $142 to protect gains. The next major resistance is close to the $145 level. In addition, the 76.4 percent Fibonacci retracement level of the previous swing from the high of $148 to the low of $137 is also close to the $145 mark.
Hence, a break over the $145 hurdle point will most likely push the price of the digital currency over the $146 and $148 hurdle points. However, the major target for the bulls still remains over the $150 mark.
Ethereum Finds Strong Support
The major support of the digital currency is close to the $135 mark. If Ethereum (ETH) fails to hold gains over that support level, there is a chance of a downward extension. Below that level, the next major support is close to the $128 mark. Looking at the chart, the price of Ethereum is over a couple of crucial supports close to $135. Provided the digital currency remains over the $135 mark, there are chances of a continuous increase over the $142 and $145 hurdle points in the near term.