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Ethereum Clings to $1,881 Amidst Quiet Market

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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 November 06, 2023 | 2 min
Updated on Nov 06, 2023
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  • Ethereum’s Price Remains Steady at $1,881 Amidst Market Calm
  • Technical Indicators Lean Bullish with RSI at 61 and MACD Suggesting Upward Momentum
  • Chart Patterns Indicate Potential for Bullish Trend Continuation Above $1,860

In the ever-evolving landscape of cryptocurrency, Ethereum continues to maintain its position as the second-largest digital asset by market capitalization. The current live price of Ethereum stands at $1,881.96, reflecting a nominal 0.06% decrease in the last 24 hours. Despite this slight downtick, Ethereum’s market cap remains robust at over $226 billion, with a circulating supply of 120,269,158 ETH.

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

Ethereum Price Prediction: Technical Outlook

From a technical perspective, the 4-hour chart provides a granular view of the price action. The pivot point, a crucial level for traders, is identified at $1,861, serving as a key juncture for intraday price movements. As we scrutinize the resistance and support levels, an immediate resistance is noticed at $1,944, followed by subsequent ceilings at $1,995 and $2,079. On the flip side, immediate support for Ethereum is established at $1,812, with additional cushions at $1,729 and $1,677, which could serve as potential turnaround zones in a bearish scenario.

 

The technical indicators offer a glimpse into the underlying market sentiments. The Relative Strength Index (RSI), a momentum oscillator, is currently at 61, which leans towards bullish sentiment but is not yet in the overbought territory. This suggests that there is room for upward movement before the market becomes overheated. The Moving Average Convergence Divergence (MACD), another pivotal indicator, is demonstrating bullish tendencies without revealing the actual values. This is supplemented by the 50-Day Exponential Moving Average (EMA) at $1,827, which is currently below the price, indicating a short-term bullish trend.

 

Chart patterns can often provide additional context to the numbers, and in Ethereum’s case, an upward wedge has been observed. This pattern typically suggests a continuation of the bullish trend, especially when coupled with candlestick closures above $1,860, which reinforce the likelihood of sustained bullish momentum.

 

In conclusion, the overall trend for Ethereum appears to be bullish, especially if the price remains above the pivotal $1,860 level. This bullish inclination is supported by a confluence of technical indicators and chart patterns, pointing towards the possibility of Ethereum testing higher resistance levels in the near term. However, as with all investments, particularly in the volatile crypto market, vigilance and risk management are paramount.

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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