Ethereum (ETH) has just broken a key resistance level, although it is still trading below the $480 mark – which is acting as a barrier right now. There was a significant increase in the value of the coin during the Asian trading hours earlier today, and this led the digital currency to surge over its resistance at the $460 mark.
Nevertheless, the digital currency was blocked on the upside, and it is presently trading below the $480 level. At the moment, the trendline is strongly bearish, but the daily chart of the coin is still indicating a three percent daily increase.
Ethereum (ETH) Price Today – BTC / USD
At the time of writing, the second largest digital currency in the world by market cap is trading at $471.63 after an increase of over 3 percent in the last twenty-four hours. The market cap of Ethereum (ETH) is $47.45 billion and its trading volume over the past twenty-four hours is $1.93 billion.
Ethereum (ETH) Price Analysis
The value of the coin is within the 50 percent Fibonacci retracement level of the previous swing from the high of $508 to the low of $431. The relative index strength is also heading downwards to indicate that the selling pressure is gradually kicking in.
The immediate resistance is at the $475 mark while the major hurdle is at the $480 level. A break over this level will likely see the coin retest the $500 mark in the short-term.
MyEtherWallet Announces the Release of MEWConnet
MyEtherWallet just announced the release of MEWConnet – a beta iOS application that will grant users access to MyEtherWallet on their mobile devices. The great news is that users can now access their wallet without entering their private key. The app is presently available in a limited beta version on iOS. Kosala Hemachandra – the CEO of MyEtherWallet said that the full version of the app will be launched in September this year.