Ethereum (ETH) Is Supported On the Downside But Faces Resistance at the $472 Mark

ethereum price increase

The value of Ethereum (ETH) is struggling to amass bullish momentum against Bitcoin (BTC) and the US dollar. The digital currency is presently trading over a key support level, and a break to the upside is presently capped by the $472 mark.

Ethereum (ETH) Price Today – BTC / USD

Name Price24H (%)
Ethereum (ETH)
$86.93
-3.03%

At the time of writing, Ethereum (ETH) is trading at $465 after a decrease of about 1 percent over the past twenty-four hours. The present market cap of Ethereum is $47 billion and its trading volume over the past twenty-four hours is $1.53 billion.

Ethereum (ETH) Price Analysis

During the week, the digital currency experienced a swing move close to the $489 mark. The value of the digital currency made a lot of attempts to settle over the resistance at $490 to $500. Nevertheless, buyers failed to amass bullish traction and the value of the digital currency remained in bearish territory beneath the $490 level.

The coin got to as high as $486 before it started correcting lower. It also broke the 50 percent Fibonacci retracement level of the previous swing from the low of $446 to the high of $486. There was also as spike beneath the $460 mark and the 100 SMA.

Buyers later showed up close to the $455 mark and the 76.4 Fibonacci retracement level of the previous swing from the low of $446 to the high of $486. On the upside, there is a formation of two bearish trendlines with resistance at the $472 mark on the four-hour chart of the digital currency.

A break over this level and a close over the $480 resistance level is needed for more gains. After that, the next resistance of the coin would be at the $486 mark, which is the previous swing high. Finally, if the digital currency breaks over the $486 mark, the value of the coin will likely test the $500 resistance level and move into the bullish territory.

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