Ethereum (ETH) Is Determined To Test the $240 Level in the Near-Term

The value of Ethereum (ETH) was strongly supported close to the $209 mark before it started consolidating higher. The digital currency is slowly consolidating higher against Bitcoin (BTC) and the U.S dollar. The value of Ethereum could consolidate further towards the $240 hurdle point in the short-term.

Ethereum (ETH) Price Today – ETH / USD

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At the time of writing, Ethereum (ETH) is changing hands at $229 after an increase of about 2.3 percent over the past twenty-four hours. The second largest digital currency in the world currently boasts of a market cap of $22.97 billion with a trading volume of $1.64 billion over the past twenty-four hours.

Ethereum (ETH) Price Watch and Trend

Recently, there was a heavy downward trend in the value of Ethereum (ETH) from the swing high of $288. The digital currency declined massively below the $250 mark, the 100-hourly simple moving average, and the $225 level. The value of the coin even tested the $209 mark before it started consolidating higher and surged over the $215 level.

There was a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $283 to the low of $203. Also, there was a break over the near-term bearish trendline with hurdle at the $226 mark on the one-hour chart of the coin.

The value of ETH tested the $230 hurdle point where sellers showed up. It seems like the value of the coin could dip a couple of points towards the $220 mark. On the downside, there is a formation of a connecting bullish trendline with support at $221. If the digital currency breaks beneath this level, it could fall towards the $209 and $205 levels in the short-term.

On the upside, if the value of the coin breaks higher, it could test and break over the resistance at $235 and $240, and pave the way for more gains towards the $250 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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