Ethereum (ETH) Broke Its Resistance At $440, Can It Break Its Next Resistance In The Short-Term?

The value of Ethereum (ETH) is moving in a positive direction against Bitcoin (BTC) and the US dollar. The digital currency traded higher and tested a key resistance close to the $455 level. Ethereum is presently in a bullish territory and it will likely remain there provided it traded over its support level at $435.

Ethereum (ETH) Price Today – BTC / USD

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At the time of going to press, Ethereum (ETH) – the second largest digital currency in the world by market cap – is changing hands at $453.66 after an increase of 3.12 percent in the last twenty-four hours. The digital currency has a market cap of $45.62 billion and a trading volume of $1.82 billion over the past twenty-four hours.

Ethereum (ETH) Price Analysis

There was a nice upward movement from the swing low of $429 in the value of Ethereum (ETH) against the USD. The digital currency surged higher and traded over the resistance at the $435 and $440 marks to move into a bullish territory.

The upward movement was such that the value of the coin test a major resistance level close to the $454 before the digital currency started a downward movement. It also traded beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $429 to the high of $454.

Nevertheless, there are lots of supports on the downside close to the $438 mark. The initial support of the coin is close to the $442 mark, which is the 50 percent Fibonacci retracement level of the previous swing from the low of $429 to the high of $454.

Also, a key bullish trendline was formed with support at the $438 mark as indicated on the one-hour chart of the coin. If the digital currency breaks over the resistance at the $455 mark, it will pave way for more gains and the next resistance will be at the $475 mark.

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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