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Ethereum: Buy Above $1,750? Technical Analysis Weighs In

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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 October 30, 2023 | 2 min
Updated on Oct 30, 2023
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  • Ethereum’s 4-hour chart presents a pivotal point at $1,774.
  • Current technical indicators lean towards a short-term bullish sentiment.
  • Ethereum’s market cap remains robust at approximately $214.44 billion.

As the cryptocurrency market ebbs and flows, Ethereum continues to stand as a beacon of resilience and potential. Often in Bitcoin’s shadow, Ethereum has carved its own path, proving its worth time and again. This latest technical outlook for ETH highlights a notable suggestion: a bullish stance when buying above the $1,750 mark. Let’s dive deep into the metrics and analysis that underline this perspective, providing traders and investors a clear lens through which to view the coin’s current landscape.

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

Ethereum Price Prediction: Technical Outlook

In a dynamic cryptocurrency landscape, Ethereum continues to assert its dominance. As the curtains draw on October, the ETH’s recent price movements signal pivotal shifts in its trajectory. This piece offers an in-depth exploration into Ethereum’s technical dynamics, providing valuable insights for potential investors and traders.

Ethereum, as of the latest data, is trading at an impressive $1,782.99, backed by a 24-hour trading volume of a substantial $4.64 billion. While it’s witnessed a slight uptick of 0.41% in the previous day, its hefty market capitalization of around $214.44 billion solidifies its spot as the second titan in the crypto space.

 

A closer look at the 4-hour chart reveals vital price benchmarks:

The pivotal point currently rests at $1,774, serving as a linchpin for Ethereum’s potential price fluctuations.

On the upward trajectory, the ETH/USD pair might encounter resistance at $1,889, with subsequent barriers at $1,983 and a loftier peak of $2,098. Conversely, downward movements could find solace at $1,681, with further cushions at $1,565 and a significant base at $1,472.

Key technical indicators to note include:

The RSI (Relative Strength Index) is positioned at 53, it hints at a slightly bullish undertone. An RSI above 70 typically suggests overbought conditions, while figures below 30 point to potential overselling. The MACD (Moving Average Convergence Divergence) indicates a bearish momentum, with the MACD line trailing its signal line (-2.36 versus 6.73). However, a crossover could change this sentiment.

The Ethereum price hovering above the 50-day exponential moving average (EMA) of $1,753 indicates a prevailing bullish trend in the short term.

In wrapping up, Ethereum’s trajectory appears bullish, particularly if it maintains its stance above the pivotal $1,750 threshold. If this momentum persists, we might soon see ETH challenging the resistance level at $1,889 in the days ahead. As always, in the unpredictable realm of cryptocurrencies, it remains essential for stakeholders to stay informed and make judicious decisions.

Stay tuned for more updates!

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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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