Ethereum (ETH) Needs Strong Bullish Traction as It Plunges Below the $400 Mark

The value of Ethereum (ETH) declined drastically against Bitcoin (BTC) and the US dollar. The value of the coin plunged and broke the supports levels at $400, $390, and $380. The digital currency is now trading close to the $380 mark, and it needs enough bullish momentum to take it back to its previous levels.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$242.26
0.94%

At the time of writing, Ethereum (ETH) is trading at $371 after losing about 9 percent of its value in a space of twenty-four hours. The current market cap of the digital currency is $37.97 billion and its trading volume over the past twenty-four hours is $2.01 billion.

Ethereum (ETH) Price Trend and Analysis

Yesterday, there was a key upward movement in the value of Ethereum (ETH) over the $405 mark. Nevertheless, the digital currency failed to break a couple of crucial resistances close to the $405 and $408 marks. The value of the digital currency encountered a strong hurdle close to the 100-hourly SMA and the $408 level.

Also, the 76.4 percent Fibonacci retracement level of the previous swing from the high of $414 to the low of $401 prevented an upward break. Furthermore, the crucial bearish trendline of the week prevented gains close to the $406 on the one-hour chart of the digital currency.

The digital currency later plunged lower and tested a new low of $365. The digital currency is presently hovering between $360 and $380. The digital currency corrected higher and tested the $380 mark – which acted as a point of resistance – before the coin declined to its current value.

In addition, the 38.25 percent Fibonacci retracement level of the previous swing from the high of $410 to the low of $365 also acted as a hurdle. The digital currency may perhaps surge higher over the $380 mark, but it will likely encounter a strong hurdle close to the $400. As a result of this, it needs a very strong bullish momentum to take it over the $400 mark.


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