The value of Ethereum (ETH) surged higher and broke some major resistance levels on its way to the $500 mark. The digital currency is gathering momentum against Bitcoin (BTC) and the US dollar. The digital currency is still sailing in the boat of the bulls and it could break the next resistance at the $525 mark to open door for more gains.
Ethereum (ETH) Price Today – BTC / USD
Ethereum (ETH) is currently trading at $504 after an increase of 5.8 percent over the past twenty-four hours. Its market cap has also increased to $50.85 billion with a trading volume of $2.41 billion over the past twenty-four hours.
The Price Trend of Ethereum (ETH)
Recently, there was a minor setback from the $480 resistance level in the value of the coin against the USD. The digital currency corrected lower and tested the support at the $465 mark. It also tested the 38.2 percent Fibonacci retracement level of the previous swing from the low of $443 to the high of $480.
Nevertheless, the bullish pressure returned and drove the value of the coin back to the $480 mark. The value of the coin broke the resistance at the $485 mark and surged over the $500 resistance level. The digital currency even traded as high as $513 before it started correcting lower.
At the moment, the immediate support of the coin is at the $500 level. Below this level, the next support is at the $490 mark. Looking at the chart of the coin, the value of the digital currency is probably going to surge quickly towards the next resistance at the $525 mark.
After this resistance, the next stop of the coin will be at the $550 level. At the time being, there may be some descending spikes, and this might cause the coin to trade between the $490 and $510 levels.