Ethereum (ETH) is in for a big fight, as its position is under serious threat. The digital currency is currently under pressure by XRP – the third largest digital currency in the world by market cap – as it briefly lost its position to XRP.
At the moment, both Ethereum (ETH) and XRP (XRP) are on the same level in terms of market cap, and a little upsurge in the value of XRP would cause Ethereum (ETH) to lose its position again.
However, the value of Ethereum (ETH) is showing some bullish signs against Bitcoin (BTC) and the U.S dollar. The digital currency is currently in need of more bullish pressure to surge over its immediate resistance.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is trading at $230 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $23.63 billion – which is not far from XRP’s $23.30 billion – with a trading volume of $1.77 billion over the past twenty-four hours.
Ethereum (ETH) Price Analysis
There were several bullish moves in the value of Ethereum (ETH) over the $220 mark in the last couple of hours. The value of the coin surged higher and broke over the resistance at $226 and $230. The digital currency even surged over the $235 mark and formed a high close to the $238 mark before it started correcting lower.
On its downward trend, it declined below the 23.6 percent Fibonacci retracement level of the previous swing from the low of $213 to the high of $239. Nevertheless, further losses were prevented at the $224 mark before it started correcting higher again.
The digital currency is strongly supported at the $226, and the next major support after that is the $223 mark. On the upside, the immediate hurdle of the coin is at the $232 mark, and the next hurdle is at the $236 level, a break over this level could open the door for more gains towards the $240 mark.