Ethereum Support Levels: ETH Price Prediction – Ethereum Will Start Consolidating Losses This Week

The price of Ethereum is holding vital supports against bitcoin and the USD. The digital currency must clear its major resistance at the $480 level in order to begin an upside recovery. Technically, the one-chart indicators of the digital currency are showing some signs of recovery in the bearish zone.

Ethereum Price Today: Current Price of ETH

At the time of writing, Ethereum (ETH) is trading at $449.12 after an increase of 0.82 percent in the last twenty-four hours. Ethereum has a market cap of $49.74 billion and a trading volume of $1.62 billion in the last twenty-four hours.

The Resistance Level of Ether Price

Last week, a sharp downward movement began in the value of Ethereum from the resistance level of $545. The value of the coin declined further and broke the several major support levels such as $520, $500, and $475.

The coin was trading below the $445 mark and it settled beneath the 100-Day simple moving average. The value of Ethereum against Bitcoin BTC also saw an increase in selling pressure and decreased to the support at 0.0750BTC. The ETH/BTC pair is presently consolidating losses with resistance at 0.078BTC and 0.080BTC.

Ethereum Price Analysis

From the hourly chart of the coin, there are lots of back-to-back candles showing signs of a strong bearish trendline. Buyers have also defended more declines successfully and the value of the coin has started consolidating losses.

The digital currency traded a couple of points above the 23.6 percent Fibonacci retracement level of the previous swing from the high of $548 to the low of $448. Nevertheless, the upward of the coin was capped at the $480 mark, which was its initial support level.

On the other hand, above the resistance level of $480, there is another hurdle close to the $495 mark. It coincides with the 50 percent Fibonacci retracement level of the previous swing from the high of $548 to the low of $448.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.