Ethereum (ETH) Traded Higher But Failed To Cross The $300 Mark – Can It Correct Higher Soon?

The price of Ethereum (ETH) wasn’t able to hold its gains against Bitcoin (BTC) and the U.S. dollar. The digital currency recently traded higher but failed to cross the $300 mark. ETH buyers were able to clear a strong sell territory close to the $300 mark and the 100-hourly simple moving average.

Ethereum (ETH) Price Today – ETH / USD

NamePrice24H %
ethereum
Ethereum(ETH)
$3,115.47-2.08%

At the time of writing, Ethereum (ETH) is trading at $288 after a decrease of about 1.2 percent over the past twenty-four hours. The present market cap of the digital currency is $28.67 billion and its trading volume over the past twenty-four hours is $1.76 billion.

Ethereum (ETH) Price Analysis

Yesterday, the digital currency started a near-term correction over the $260 mark against the U.S. dollar. The value of the digital currency surged over the $275 and $285 marks to amass more momentum. There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $332 to the low of $249.

The value of the coin surged over the $300 mark but it wasn’t able to settle over the 100-hourly simple moving average. Also, a key bearish trendline prevented further gains with current hurdle at the $299 mark. The digital currency plunged and broke the $295 and $292 marks.

The value of the coin also broke the 23.6 percent Fibonacci retracement level of the previous swing from the low of $249 to the high of $305. On the downside, there is an immediate support close to the $277 mark. It represents the 50 percent Fibonacci retracement level of the previous swing from the low of $249 to the high of $305.

Below this level, the value of the coin could test the support levels at $273 and 271. The digital currency needs buyers to push its value over the $300 hurdle point in order to accumulate more gains.

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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