Ethereum (ETH) Surges over the $290 Mark but Encounters the $300 Resistance Level

The value of Ethereum (ETH) surged over the $290 mark and almost broke over the resistance at the $300 mark. The value of the digital currency moved nicely over the $285 mark but remained bearish against Bitcoin and the U.S. dollar, but it was capped on the upside. The digital currency might correct lower towards the $285 mark before continuing its upward trend.

Ethereum (ETH) Price Today – ETH / USD

NamePrice24H %
ethereum
Ethereum(ETH)
$1,169.37
-3.99%

At the time of writing, Ethereum (ETH) is trading at $292 after an increase of about three percent over the past twenty-four hours. The current market cap of the digital currency is $29.77 billion and its trading volume over the past twenty-four hours is $1.49 billion.

Ethereum (ETH) Price Analysis

There was a gradual increase in the value of Ethereum (ETH) from the swing low of $274 against the U.S. dollar. The digital currency surged higher and broke over the resistance at the $285 and $290 marks. There was also a break and close over the $285 mark and the 100-hourly SMA.

The value of the coin surged higher and almost broke the $300 hurdle point. It also formed a high at the $298 mark, and the value is presently correcting lower. The digital currency is presently testing the 23.6 percent Fibonacci retracement level of the previous swing from the low of $274 to the high of $298.

Also, there is a formation of an ascending channel with support at the $291 mark on the one-hour chart of the coin. If there is a break beneath the support channel, the value of the digital currency may test the $286 support level. It represents the 50 percent Fibonacci retracement level of the previous swing from the low of $274 to the high of $298.

Furthermore, the $285 mark is also a nice support for buyers in the short-term. The digital currency needs to stay over the $290 to prevent further losses and gather enough traction to surge over the $300 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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