The Value of Ethereum (ETH) Is Correcting Lower towards the $478 Support Level after Testing a New Weekly High of $496

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Last week, Ethereum (ETH) was changing hands over the $490 mark before it began a downward movement over the weekend. The value of the digital currency is correcting lower against Bitcoin (BTC) and the US dollar. If it continues to correct lower, the pair will likely find support close to the $478 mark.

Ethereum Price Today: Current Price of ETH

At the time of writing, Ethereum (ETH) is trading at $484 after a decrease of 1.5 percent over the past twenty-four hours and an increase of 8 percent over the past seven days. The digital currency has a market cap of $49.32 billion and a trading volume of $1.30 billion over the past twenty-four hours.

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Ethereum (ETH) Price Analysis

Barely twenty-four hours ago, Ethereum experienced an upward movement, and the value of the coin surged over the $475 mark. The value of the coin broke the resistance at the $490 mark and surged to $496 – a new weekly high.

A couple of hours later, the digital currency started a downward movement and declined below the support at the $485 mark. There was also a break beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $462 to the high of $496. Nevertheless, the value of the coin is approaching several major support levels such as $478, $472, and $470.

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There is also a formation of a bullish trendline with support at the $472 level as indicated by the hourly chart of the coin. Above the trendline support, the 100-hourly SMA is positioned close to the $473 mark. Right now, the value of the coin is testing the 50 percent Fibonacci retracement level of the previous swing from the low of $462 to the high of $496.

If the digital currency holds its current position and break the next resistance at the $490 mark, chances are it will trade over the $500 mark in the near-term.

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