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ETH/USD Slides to $2,220 Amid Bearish Market Trend

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 24, 2024 | 2 min
Updated on Jan 25, 2024
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  • Ethereum (ETH) trades at $2,217.04, down 5.48%, with a bearish outlook below $2,168.
  • Key resistance levels are set at $2,294 and $2,375; RSI and MACD indicate oversold conditions.
  • Short-term view: Ethereum to challenge resistance levels amid potential trend reversal signals.

Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a notable decline in the last 24 hours, now trading at $2,217.04. This 5.48% drop comes amidst a trading volume of approximately $16.61 billion, reflecting the heightened activity in the Ethereum(ETH) market. Despite this dip, the coin maintains a significant market cap of $266.44 billion, with a circulating supply of 120.18 million ETH.

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ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

Ethereum (ETH) Price Prediction: Technical Outlook

The technical analysis for Ethereum presents a challenging outlook. At the core of this analysis is the pivot point, currently placed at $2,173. This level is crucial as it forms the basis for potential price movements in either direction. Ethereum faces immediate resistance at $2,294, with further hurdles at $2,375 and $2,494. These points will be key in determining whether ETH can shift its current bearish momentum. (Check out our full technical analysis for today)

Conversely, the cryptocurrency finds support at lower levels, initially at $2,056, followed by $1,935. A more distant support lies at $1,575, which could act as a buffer against further declines. The Relative Strength Index (RSI) stands at 28, hovering near the oversold territory, suggesting that the selling pressure might be reaching a climax. The Moving Average Convergence Divergence (MACD) shows a divergence of -71.1, indicating a strong bearish trend.

 

An interesting development in Ethereum’s chart is the formation of a triple bottom around the $2,168 level. This pattern, typically a bullish reversal indicator, is now being tested. The formation of candles around this level suggests a weakening of the bearish bias. However, for Ethereum to signal a change in momentum, it must break above the $2,250 level, which would open the door to further upward movement.

 

As ETH navigates through these technical levels, the broader market sentiment continues to play a significant role. Factors such as regulatory news, adoption trends, and the overall health of the cryptocurrency market will influence Ethereum’s price. Investors and traders are advised to closely monitor these developments as they can have a substantial impact on Ethereum’s price dynamics.

 

In conclusion, ETH’s current trend is bearish below the $2,168 mark. However, the formation of a triple bottom pattern provides a glimmer of hope for a potential reversal. The short-term forecast indicates that ETH may test its resistance levels in the coming days, but the strength of these levels and market response will be critical in determining Ethereum’s next move.

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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