The value of Ethereum saw slight increase against Bitcoin (BTC) and the US dollar. Ethereum is slightly trading over the $400 mark, and the trading pair could bounce back in the near term if it can stay above its immediate resistance at the $420 level. Also, the two-hour chart indicators of the digital currency are consolidating in the bearish territory.
Ethereum Price Today: Current Price of ETH
At the time of writing, Ethereum (ETH) is trading at $416 after a decrease of 3.65 percent in the last twenty-four hours. ETH has a market cap of $42.07 billion and a trading volume of $1.48 billion in the last twenty-four hours.
Ethereum Price Analysis 2018
Two days ago, the digital currency plunged lower towards its support level at $400. The digital currency later corrected further over the $420 mark, which became its support level. At the moment, the coin is trading below this support level, and its new support level is at the $400 mark.
Also, the value of Ethereum against Bitcoin (BTC) found a strong buying interest over the support level at 0.0700BTC. The ETH/BTC pair is presently correcting higher and it might move over the resistance at 0.0720BTC to test the 0.0740BTC level.
The ETH/USD pair dipped from the resistance at the $440 mark and traded beneath the previous low of $421. Nevertheless, ETH buyers prevented losses beneath the $410, and the digital currency formed a new low close to the $415.89.
It seems there is a formation of double bottom pattern close to is present support line, the value of the digital currency must break the resistance at $420 and $450 and a bearish trend line on the same chart at $460.
A successful increase over the $460 resistance level will likely confirm a short-term bottom. In this case, the value of the coin may possibly consolidate towards the resistance levels at $500 and $520.