The presence of the bear are still very strong in the market, has a lot of digital currencies have failed to surge over their resistance levels over the past twenty-four hours. The value of Ethereum (ETH) is also struggling to amass enough bullish momentum against Bitcoin and the US dollar. But the digital currency is likely to make a bullish move provided it remains over the $420 mark.
Ethereum (ETH) Price Today – BTC / USD
Ethereum (ETH), which is the second largest digital currency in the world by market cap, is currently trading at $436.04 after an increase of 1.2 percent over the last twenty-four hours. The digital currency has a market cap of $44.14 billion and a trading volume of $1.21 billion over the past twenty-four hours.
Ethereum (ETH) Price Analysis
Over the past few days, there were continuous downward movements in the value of Ethereum below the $475 resistance level. The digital currency declined and broke the support levels at $460 and $455. It declined towards the $415.00 mark and formed a low at $417.
There was later an upward correction that saw the value of the coin rise over the $430 mark. Also, the value of the coin was able to break the 23.6 Fibonacci retracement level of the previous swing from the high of $497 to the low of $417.
Nevertheless, the upward correction was stopped by a resistance at the $442 level. Moreover, a declining channel is stopping gains with present resistance at $440 as indicated by the 4-hour chart of the coin. After this level, the next key resistance is at the $457 mark.
Looking at the chart, the value of the digital currency is still in a bearish territory with a major support close to the $420 mark. Provided the digital currency trades over its support level, chances are it will surge over the resistance at $457 in the short-term.