Ethereum (ETH) is gradually heading towards the $290 mark

UK-based Crypto Trading Platform is Launches Ethereum Futures Contracts

The value of Ethereum is strongly supported close to the $265 mark, and it gradually surged over the $270 mark against the U.S dollar. The digital currency is trading in a range against Bitcoin (BTC) and the U.S dollar. Ethereum (ETH) is slowing surging higher, and it is heading towards the $290 mark.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$259.17
-3.37%

At the time of writing, Ethereum (ETH) is valued at $277 after an increase of more than 0.5 percent over the past twenty-four hours. The current market cap of the digital currency is $28.08 billion and its trading volume over the past twenty-four hours is $1.26 billion.

Ethereum (ETH) Price Analysis and Trend

After testing the low of $259, the digital currency later found a strong support level. The digital currency started consolidating higher with most range moves over the $270 mark. The value of the coin broke over the 38.2 percent Fibonacci retracement level of the previous swing from the high of $301 to the low of $259.

Nevertheless, the upward trend of the digital currency was capped close to the $280 mark and the 100-hourly simple moving average. Also, the 50 percent Fibonacci retracement level of the previous swing from the high of $301 to the low of $259 also acted as a strong hurdle point. The value of the coin is presently trading in a range over the $270 mark, but there are also a couple of positive signs.

There is a formation of a near-term ascending channel with support at $271 on the 1-hour chart of the coin. On the upside, the value of the digital currency has to break over the resistance at the $281 mark and the 100-hourly simple moving average to gain more momentum.

Over this level, Ethereum (ETH) could test the resistance at the $290 mark in the near-term. But if it plunges below its immediate support at the $271 mark, it might decline towards the $260 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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