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
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.