Value of Ethereum (ETH) Recovered A Few Points Higher, Still At Risk of Further Decline

The price of Ethereum (ETH) recovered a few points higher after declining to the $304 mark against the US dollar. The value of Ethereum (ETH) is still in a downward trend against Bitcoin (BTC) and the U.S. dollar. The digital currency needs to clear the hurdles at the $320 and $330 levels in order to find its way to the $355 mark.

Ethereum (ETH) Price Today – ETH / USD

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At the time of writing, Ethereum (ETH) is changing hands at $315 after a losing about 2 percent of its value of the past twenty-four hours. The current market cap of Ethereum (ETH) is $32.43 billion with a trading volume of $1.63 billion over the past twenty-four hours.

Ethereum (ETH) Price Analysis

Last week, the value of Ethereum (ETH) fell heavily below the $350 mark against the U.S. dollar. The digital currency even tested the low of $304 before it started consolidating higher with just a couple of positive moves.

ETH traded over the $315 mark and tested the $325 mark. The digital currency also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $363 to the low of $304. Nevertheless, it encountered a strong hurdle on the upside at the $328 mark.

Also, the 38.2 percent Fibonacci retracement level of the previous swing from the high of $363 to the low of $304 acted as a hurdle point. There is also a formation of a key bearish trendline with resistance at the $320 mark in the one-hour chart of the coin.

Over the trendline hurdle, the 100-hourly SMA is positioned close to the $340 mark. Hence, it seems that there are lots of hurdles formed between the $320 and $340 mark. A break over this level could push the value of the coin towards its next hurdle at the $355 mark.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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