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Ethereum Dips to $2,045 Amidst Market Volatility

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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 27, 2023 | 2 min
Updated on Nov 28, 2023
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  • Ethereum ETH price currently at $2,041.81, down 1.72%, with a pivot point at $2,043 indicating a bearish trend.
  • Resistance levels set at $2,154, $2,245, and $2,356, while support levels are at $1,952, $1,841, and $1,750.
  • Technical indicators, including a RSI of 45 and a MACD of -6.96, suggest a bearish bias, though market dynamics could prompt swift changes.

In the dynamic realm of cryptocurrency, Ethereum stands as a vital indicator of broader market sentiment. As of November 27, Ethereum’s live price is $2,041.81, reflecting a 1.72% decline in the last 24 hours. With a market cap of $245,517,574,807 and a significant trading volume of $8,447,511,430, ETH continues to hold the second rank in the crypto hierarchy, only trailing Bitcoin. The coin’s circulating supply of 120,244,917 ETH coins adds to its heft in the market.

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

Ethereum (ETH) Price Prediction: Technical Outlook

Ethereum’s technical analysis reveals an intriguing scenario in the short term. The pivot point at $2,043 is critical. If ETH stays above this level, it might signal a shift towards a bullish trend; however, a move below could deepen the bearish sentiment. The immediate resistance levels are set at $2,154, $2,245, and $2,356, respectively. These levels will be key for ETH to breach in order to regain its lost momentum. On the downside, immediate support is found at $1,952, followed by $1,841 and $1,750, which are essential to arrest any further declines.

The Relative Strength Index (RSI) for ETH is currently at 45. This figure, being below the neutral 50 threshold, indicates a bearish sentiment but stops short of suggesting oversold conditions. This implies that while sellers are currently in control, there is potential for a shift in momentum. The MACD stands at -6.96, well below its signal line at 3.34, reinforcing the current bearish trend and indicating that the downward momentum has been significant in the recent period.

Ethereum’s current price is slightly below the 50-Day Exponential Moving Average (EMA) of $2,046. This positions the cryptocurrency in a delicate balance, with the potential to swing either way based on market forces and investor sentiment. Chart patterns, including detailed candlestick analysis, are yet to provide a clear directional bias, suggesting a period of uncertainty and caution among traders.

In summary, ETH presents a bearish trend below the critical mark of $2,050. The short-term forecast suggests that Ethereum might test the resistance levels, particularly at $2,154. However, given the inherent volatility in the cryptocurrency market, close monitoring is necessary as global economic conditions and investor sentiment could rapidly alter Ethereum’s price trajectory. The upcoming days will be crucial in determining whether Ethereum can sustain its position and challenge these resistance levels amidst the evolving global economic landscape.

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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