Ethereum (ETH) needs to break its resistance at $330 and $340 to recover further in the short-term

Over the past week, the value of Ethereum (ETH) declined significantly and almost tested its support at the $300 level against the U.S dollar. The digital currency saw heavy losses against Bitcoin (BTC) and the US dollar. Fortunately, the coin has started correcting higher, and it needs to break over its immediate hurdles points in order to recover to the $400 level.

Ethereum (ETH) Price Today – ETH / USD

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

At press time, the second largest digital currency in the world by market cap has recovered to $326 after an increase of more than three percent over the past twenty-four hours. The current market cap of the digital currency has also increased to $32.90 billion with a trading volume of $1.76 billion over the past twenty-four hours.

Ethereum (ETH) Price Watch

Over the past week, Ethereum (ETH) recorded considerable losses after declining below the $400 mark against the U.S. dollar. The digital currency declined quickly and broke several support levels like $380, $350, and $320. However, it has recovered over the $320 mark but it’s still well below the $340 mark and the 100 SMA.

On the upside, the immediate hurdle of the coin is around $330 and $335. Also, the 23.6 percent Fibonacci retracement level of the previous swing form the high of $410 to the low of $304 is also acting as a crucial hurdle. Over this level, there is a formation of a connecting bearish trendline with resistance at the $330 mark.

A break over this trendline hurdle could take the value of the digital currency over the $344 mark. The next hurdle is the 50 percent Fibonacci retracement level of the previous swing from the high of $410 to the low of $304 at $357. Hence, the digital currency has a couple of hurdles to break on the upside close to the $340 and $360 mark.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.