Ethereum (ETH) is the second most valuable digital currency in the world by market cap, and its platform has been very useful to a lot of developers across the globe. Ethereum provides a platform for developers to create smart contracts and decentralized applications, and this has helped to increase the adoption of the digital currency.
The digital currency market has not been really friendly, and most digital currencies are deep in the red, including bitcoin and Ethereum. Over the past twenty-four hours, the value of Ethereum has been showing some positive signals, and it has been able to bounce back against the USD to a certain extent. In order to recover further in the short-term, the ETH/USD pair must remain over the $450 mark.
Ethereum Price Today: Current Price of ETH
At the time of writing, Ethereum (ETH) is trading at $450.74 after an increase of 0.20 percent in the last twenty-four hours. The digital currency has a market cap of $49.74 billion and a trading volume of $1.62 billion in the last twenty-four hours.
Ethereum (ETH) Price Analysis
On the 24th of June, Ethereum declined below its support level at $445 and plunged further to $421 – which is its new monthly low – before making a recovery back to the $450 mark. On the other hand, the value of ETH against BTC failed to hold a major support at 0.0750BTC and declined further.
It appears that the ETH/BTC pair could continue heading south towards the next support level at 0.0720BTC. Looking at the daily chart of Ethereum against the USD, the pair broke a major support level at $470 some days ago and declined drastically.
It broke the support level at $450 and $445 before forming a low at the $421 mark. The digital currency began a solid correction and gathered enough momentum that helped to push its value above its previous support level.
The digital currency is presently trading over the $450 mark and may experience an upward movement if it doesn’t decline below that level.
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.