Yesterday, September 26, Ethereum (ETH) lost its position to XRP (XRP) after experiencing a slight decrease in its value. This same thing happened last week, as XRP (XRP) briefly took over the position of Ethereum (ETH).
Nevertheless, Ethereum (ETH) was able to amass some momentum to reclaim its long-held position. The digital currency is now correcting higher, but the upward trend is slow as the coin is facing a lot of hurdles on the upside.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is changing hands at $212 after losing less than one percent of its value over the past twenty-four hours. The current market cap of the digital currency is $21.76 billion – which is just $1 billion above its contender, XRP – and its trading volume over the past twenty-four hours is $1.70 billion.
Ethereum (ETH) Price Analysis
Recently, there were lots of buying interests in the value of ETH/USD close to the $204 mark. The digital currency began an upward trend and surged over the $210 mark. It also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $245 to the low of $204.
Nevertheless, the digital currency was capped on the upside by the $224 mark and the 100-hourly simple moving average. The value of the coin has, however, declined below that level and the 100-hourly simple moving average.
There is also a formation of a near-term ascending channel with support at the $210 mark. If the digital currency stays over this support level, it could see more gains towards the $220 mark. Nevertheless, the $224 mark might still serve as a strong hurdle point.
From the chart of ETH/USD, it is obvious that the value of the digital currency is struggling to amass enough bullish traction to surge over the $220 and the 100-hourly simple moving average. On the other hand, if it breaks below its immediate support, the next strong support is at $204.
SEE ALSO: XRP (XRP) Draws More Interest As It Briefly Overtakes Ethereum (ETH)