Ethereum (ETH) Is Correcting Higher Against Bitcoin (BTC) and USD after Being Threatened By XRP

Yesterday, September 21, the position of Ethereum (ETH) was seriously threatened by the third largest digital currency in the world by market cap – XRP (XRP). XRP took over the position of Ethereum (ETH) but couldn’t hold on for long.

Ethereum (ETH) has, however, taken back its position, even though it still being threatened by XRP. Nevertheless, the value of Ethereum (ETH) is also on the rise, as it is fighting to maintain its long-held position.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$208.76
0.45%

At press time, Ethereum (ETH) is trading at $237 after recording gains of more than 5 percent over the past twenty-four hours. The second-largest digital currency in the world has a market cap of $24.25 billion and its trading volume over the past twenty-four hours is $2.73 billion.

Ethereum (ETH) Price Analysis

Recently, the value of the coin formed a low below the resistance at $216. The value of the coin later found a strong support at the $207 mark before it started correcting higher. During its upward trend, it broke a lot of hurdle points, including the $216 resistance level.

Also, the important bearish trendline highlighted this week was broken at the $209 mark on the 1-hourly chart of the coin. The ETH/USD pair broke over the resistance at $220 and $230 and traded over the $240 mark. Ethereum (ETH) formed a new intraday high at $242 before it started correcting lower.

At the moment, the value of the coin is slightly below the $238 mark, which is close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $197 to the high of $242. The digital currency is currently supported at the $235 mark, if it declines below this level, the next strong support is at the $230 level. On the upside, the immediate hurdle of the coin is at the $241 mark, breaking over this level could open the door for more gains towards the $250 mark.


SEE ALSO:   Dfinity raises over $61 million, rivals Ethereum (Dfinity Review: Dfinity vs Ethereum) - Cryptocurrency News Analysis - Tue Oct 16

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