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Ethereum Dips to $1,970 Amid Market Correction

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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 15, 2023 | 2 min
Updated on Nov 15, 2023
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  • Ethereum’s recent 4.21% drop echoes a broader market downturn.
  • Ethereum’s current pivot point at $1,885 serves as a critical juncture for the asset, with potential resistance levels waiting at $2,011, $2,169, and $2,296.
  • Critical support and resistance levels frame ETH’s potential movements while technical indicators imply potential for trend reversal above $1,996.

As the cryptocurrency sector navigates through choppy waters, Ethereum has not been spared from the market’s ebb and flow, with its price retreating to $1,970.15. This 4.21% decline in the last 24 hours is symptomatic of the broader market correction, as investors recalibrate their positions in response to macroeconomic signals and regulatory news flashes.

Despite Ethereum’s significant market cap of over $236 billion, the asset’s current bearish tint reflects a cautious investor sentiment—a stark reminder of the inherent volatility and speculative nature of digital assets. With its current standing, Ethereum’s subsequent movements are eyed closely by market participants, poised to dissect each technical nuance and fundamental cue.

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ETH chart
ETH/USD Price Chart – Source: Tradingview

Ethereum Price Prediction: Technical Outlook

In the ever-volatile world of cryptocurrencies, Ethereum has recently seen a notable downturn in its price, now sitting at $1,970.15, marking a 4.21% decline within the last 24 hours. This second-largest cryptocurrency by market capitalization, with a significant market cap of $236.9 billion, is undergoing a bearish phase, reflective of the broader crypto market sentiments.

Ethereum’s current pivot point at $1,885 serves as a critical juncture for the asset, with potential resistance levels waiting at $2,011, $2,169, and $2,296. These figures represent key targets for Ethereum if it is to recover from its recent slump. Equally important are the support levels at $1,727, $1,603, and $1,477, which could provide a safety net against further declines.

The RSI indicator, positioned at 38, signals that Ethereum is neither in the overbought nor oversold territory but leans towards a potential buying opportunity if market conditions stabilize. The MACD’s bearish trend suggests caution, although the negative momentum is waning, which could indicate a possible shift in the trend.

Notably, Ethereum’s current trading price below the 50 EMA of $1,997 indicates a short-term bearish trend, but this can quickly change with the dynamic nature of crypto markets.

The overall outlook for Ethereum is cautiously bearish, with the market awaiting signs of a rebound that could push it back above the $1,996 mark. Investors and traders will be closely monitoring Ethereum to see if it can surpass key resistance levels in the days ahead.

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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