The price of Ethereum is consolidating lower after testing a monthly high of $302 against the U.S. dollar. The value of the digital currency is slightly under bearish pressure against Bitcoin (BTC) and the U.S dollar. Ethereum (ETH) may correct higher in the short-term, but it needs enough bullish traction to break the hurdle at the $290 mark.
Ethereum (ETH) Price Today – ETH / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -2.08% |
At the time of writing, the second largest digital currency in the world boasts of a market cap of $29.17 billion with a trading volume of $1.42 billion over the past twenty-four hours. Over the past twenty-four hours, the digital currency has lost 0.5 percent of its value, bringing its value to $286.
Ethereum (ETH) Price Analysis
After trading as high as $302.53, the digital currency began a downward movement against Bitcoin (BTC) and the U.S dollar. The value of Ethereum consolidated lower and broke the support at $295 and $290. The coin also broke beneath the 50 percent Fibonacci retracement level of the previous swing from the low of $275 to the high of $302.
Nevertheless, the digital currency found support at the $284 mark and the 61.8 percent Fibonacci retracement level of the previous swing. The digital currency also formed a based close to the $284 mark. The ETH/USD pair has cleared the 23.6 percent Fibonacci retracement level of the previous swing from the high of $302 to the low of $284.
Nevertheless, the digital currency is currently facing a hurdle close to the $290 mark. Also, the key bearish trendline highlighted yesterday is intact with hurdle at the $290 mark. After this level, the next resistance of the coin is at the $292 to $294 marks, which is near the 50 percent Fibonacci retracement level of the previous swing from the high of $302 to the low of $284. Over this level, the digital currency could 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.
