Ethereum (ETH) Faces a Major Hurdle at the $220 Mark

The value of Ethereum (ETH) is struggling to break over the $214-$216 hurdle point against the U.S dollar. The value of the digital currency is mostly in a bearish territory against Bitcoin (BTC) and the U.S dollar. Ethereum (ETH) needs to overcome sellers over the $212 mark to test and break over the hurdle at $220.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$209.32
-0.73%

At the time of writing, Ethereum (ETH) is trading at $209 after a decrease of about one percent over the past twenty-four hours. The current market of the digital currency is $21.39 billion and its trading volume over the past twenty-four hours is $1.72 billion.

Ethereum (ETH) Price Analysis

Yesterday, there were a lot of rejections in the value of Ethereum (ETH) around the $214 to $216 levels. The value of the coin failed to break over the $216 level and declined further. It declined below the $206 and $200 support mark and tested the low of $197.

The digital currency started recovering later and surged over the $200 mark. It revisited the hurdle at $214, which acted as a hurdle. Also, the recently highlighted crucial bearish trendline is active with hurdle at $212 on the one-hour chart of the digital currency.

The digital currency is currently trading close to the 100-hourly simple moving average and $210. It has already broken the 23.6 Fibonacci retracement level of the previous swing from the low of $197 to the high of $213. It appears that the value of the coin might see further declines towards the $205 and $204 marks.

These are close to the 50 percent Fibonacci retracement level of the previous swing from the low of $197 to the high of $213. If the digital currency declines below the $204 mark, it could retest the $200 mark. From the chart of the coin, the value of Ethereum (ETH) is facing a strong hurdle close to the $214-$216 levels. A proper close and break over this level and the $216 mark is required for buyers to push the value of the coin over the $20 mark.


SEE ALSO:   Ethereum Price Forecast: How High Can The Price Of Ethereum Go? - Ethereum News Today - Tue Oct 16

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