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Ethereum Dips to $1,640: More Downside Ahead?

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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 August 23, 2023 | 2 min
Updated on Sep 03, 2023
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  • Ethereum is struggling to surpass the resistance levels of $1,700 and $1,720, having rebounded from the $1,520 region. A bearish trend line is forming around $1,680, indicating the strength of the resistance.
  • Ethereum can decisively close above the $1,720 mark; it could signal a significant short-term increase, potentially reaching prominent resistance levels at $1,750 and later aiming for $1,820 or even $1,880.
  • Initial support lies around $1,620, followed by a critical support zone near $1,600. Breaching this could lead to further losses, with consequential support at $1,565 and a potential approach to the $1,520 mark in the near future.
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Ethereum, one of the leading cryptocurrencies, has recently experienced a dip in its price, bringing it down to the $1,640 mark. This downward movement has sparked speculation and deliberation among investors, traders, and analysts alike. Amidst the uncertainty, discussions are emerging regarding the underlying causes of Ethereum’s dip, the significance of key support levels, and the broader market sentiment that could potentially shape its path ahead.

 

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

Ethereum Price Prediction: Technical Outlook

The current price of Ethereum is $1,645.98, accompanied by a trading volume of $8,114,855,535 over the past 24 hours. Ethereum’s value has experienced a decrease of 1.13% within this timeframe. In terms of its CoinMarketCap ranking, the coin holds the second position, boasting a live market capitalization of $197,870,360,807 USD. The circulating supply of Ethereum is composed of 120,214,313 ETH coins, while the maximum supply remains undisclosed.

 

The Ethereum price is currently encountering hurdles as it strives to surpass the resistance at $1,700 against the US Dollar. The potential for a renewed downtrend becomes apparent if Ethereum remains unable to breach the critical levels of $1,700 and $1,720. Following a recovery phase initiated from the $1,520 region, Ethereum successfully reclaimed positions above the $1,550 and $1,580 thresholds, aligning its price behavior with that of Bitcoin.

 

Nevertheless, the challenge of overcoming the barriers at $1,700 and $1,720 is palpable. The price trajectory is currently oriented downward, trading below the 23.6% Fibonacci retracement level, derived from the recovery trajectory spanning between the $1,517 swing low and the $1,716 peak. Moreover, a significant bearish trend line is emerging, displaying resistance near $1,680 on the hourly chart of ETH/USD.

 

At present, Ether finds itself positioned below both the $1,700 mark and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance in the vicinity of the $1,680 level and the aforementioned trend line. Subsequent resistance is identified near $1,690, aligning with the 100-hourly Simple Moving Average. The principal resistance levels warranting attention are situated at $1,700 and $1,720. A decisive close above the $1,720 mark holds the potential to initiate a noteworthy upswing in the short term, with the subsequent prominent resistance located around $1,750. Continued upward momentum might propel the price toward $1,820 or even $1,880 in the approaching days.

 

In the event that Ethereum fails to surmount the resistance at $1,700, the possibility of a renewed descent becomes pertinent. Initial support is anticipated around the $1,620 level or the 50% Fibonacci retracement level, computed from the recovery trajectory spanning between the $1,517 swing low and the $1,716 peak.

 

A more substantial support level is evident in the vicinity of the $1,600 zone. A breach below $1,600 could potentially pave the way for further losses. The subsequent noteworthy support is positioned around the $1,565 level. Extended downward movement could prompt the price to approach the $1,520 threshold in the short term.

 

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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