Ethereum (ETH) Approaching Its Resistance at the $440 Mark to Recover Further

Ethereum (ETH) experienced a significant decline below the $417 mark against the USD. Over the past couple of hours, the value of the digital currency is slowly consolidating higher against Bitcoin (BTC) and the US dollar. The digital currency may surge over its immediate resistance at the $440 mark and head towards the next key resistance at the $460 level.

Ethereum (ETH) Price Today – BTC / USD

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At the time of writing, Ethereum (ETH) is trading at $437.9 –, which is very close to its immediate resistance level. Ethereum (ETH) has a market cap of $44.12 billion and a trading volume of $1.57 billion over the past twenty-four hours.

Ethereum (ETH) Price Analysis

A few days ago, there were further declines in the value of Ethereum beneath the $430 mark. The digital currency dipped beneath the swing low of $428 and formed a weekly low close to the $417 mark. Later, there was a nice price reversal and the digital currency surged over the $425 mark.

The value of the coin also managed to surge over the 23.6 Fibonacci retracement level of the previous swing from the high of $448 to the low of $417. Nevertheless, the digital currency is presently encountering a strong resistance close to the $440 mark.

Furthermore, the highlighted major bearish trendline of this week is preventing the coin from crossing the $439 level on the one-hour chart of the coin. Also, the 61.8 percent Fibonacci retracement level of the previous swing from the high of $448 to the low of $417 is also close to the $440 mark.

Hence, a break over the $440 level and the present trendline is needed for buyers to take the value of the coin higher. Above the current resistance level, the next major resistance is at $460 and the 100-hourly simple moving average.

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.


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