Ethereum (ETH) Continues Its Fight to Surge over the $300 Mark

The price of Ethereum (ETH) attempted a recovery towards the $280 mark, but it failed to gather enough momentum to surge over the $275 mark. The value of the coin is struggling to gain traction against Bitcoin (BTC) and the U.S dollar. The value of the digital currency could surge higher if buyers gain control over the $285 mark.

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 $274 after a decrease of about two percent over the past twenty-four hours. The digital currency currently has a market cap of $27.86 billion and its trading volume over the past twenty-four hours is $1.15 billion.

Ethereum (ETH) Price Analysis

Ethereum (ETH) formed decent support close to the $255 mark against the USD. The digital currency later corrected higher and surged over the $280 mark. There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $301 to the low of $259.

Nevertheless, the digital currency was capped on the upside at the $282 mark as buyers failed to protect gains. The digital currency also didn’t test the 61.8 percent Fibonacci retracement level of the previous swing from the high of $301 to the low of $259.

These are negative signals, and they indicate the importance of the hurdle close to the $282 and $285 marks. Also, there is a formation of a key bearish trendline with hurdle at the $280 mark on the 4-hour chart of the coin.

That same trendline is presently holding gains and pushing the value of the coin down towards the $270 mark. If the value of the coin continues to decline, it could test the supports at $268 and $265. On the upside, a break and close over the $282 and $285 marks might pave the way for more gains and push the coin towards the 100-hourly SMA.

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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