The value of Ethereum surged higher and broke over a major hurdle point close to the $210 mark against the U.S dollar. The value of the digital currency positioned itself for further gains against Bitcoin (BTC) and the U.S dollar. Ethereum (ETH) could experience little dips, but it is strongly supported on the downside.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is changing hands at $226 after an increase of about 8 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $23.10 billion and its trading volume over the past twenty-four hours is $2.26 billion.
Ethereum (ETH) Price Analysis and Recent Trend
Recently, there was a formation of a correction phase in the value of Ethereum (ETH) beneath the $212 and $216 hurdle points. The value of the coin formed a nice support close to the $207 mark and later began an upward movement.
The value of the coin broke several hurdle points during its upward trends such as $210, $212, and $216. The value of ETH also settled over the $210 mark and the 100-hourly simple moving average. Also, the important bearish trendline of this week was breached close to the $209 mark on the one-hour chart of ETH/USD.
The digital currency even broke over the $220 mark and it is now trading close to the $230 level. The coin formed a new intraday high at $229.88 before it started correcting lower. The value of the coin is currently close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $197 to the high of $229.
If the digital currency declines further, it could find support close to the previous resistance close to $216. It is over the 50 percent Fibonacci retracement level of the previous swing from the low of $197 to the high of $229. From the chart of the coin, it’s easy to see that ETH is trading in a bullish territory. If the coin breaks over the $228 and $230 resistance level, it could head towards the $240 mark.