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Ethereum (ETH) at $2,268: Market Weighs Bearish Trend

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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 January 29, 2024 | 1 min
Updated on Jan 29, 2024
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  • Ethereum trades at $2,268.52, with a $272.64 billion market cap and neutral RSI at 49.
  • Key resistance and support levels identified at $2,295.7/$2,426.1/$2,597.8 and $1,996.9/$1,825.3/$1,660.4, respectively.
  • Bearish trend below $2,300 with a potential reversal on crossing the $2,274.5 Fibonacci level.

In today’s Daily crypto analysis, we focus on Ethereum (ETH/USD) price, the second-largest cryptocurrency by market capitalization. Ethereum is currently trading at $2,268.52, with a 24-hour trading volume of $7.14 billion. Despite a 1.20% decrease in the last day, Ethereum maintains a significant market cap of $272.64 billion and a circulating supply of over 120 million coins.

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

Ethereum Price Prediction: Technical Outlook

Analyzing the 4-hour chart, Ethereum presents a complex technical landscape. The pivot point is placed at $2,127.4, serving as a crucial indicator of short-term market sentiment. The immediate resistance level is observed at $2,295.7, followed by further resistances at $2,426.1 and $2,597.8. These levels represent potential barriers to an upward trend. On the downside, support levels are found at $1,996.9, $1,825.3, and $1,660.4, where buying interest might materialize to counteract price falls.

 

The Relative Strength Index indicator stands at 49, indicating a neutral market without clear directional bias. The Moving Average Convergence Divergence (MACD) shows a value of 3.4, with a signal line at -2.4, suggesting potential for upward movement. However, the current MACD value is below the signal line, indicating a bearish momentum. The 50-day Exponential Moving Average (EMA) at $2,298.9 provides additional perspective, aligning closely with the immediate resistance level.

 

Ethereum is currently retesting the 23.6% Fibonacci retracement level at around $2,274.5. A successful cross above this level could initiate a short-term buying trend, potentially driving prices toward $2,340. However, the overall trend for Ethereum remains bearish below the $2,300 threshold.

 

In conclusion, Ethereum’s current market position is indicative of a cautious sentiment among traders. The bearish trend below $2,300 and the close alignment of the 50-day EMA with immediate resistance levels suggest that Ethereum may continue to face challenges in the short term. However, a breakout above the immediate resistance could alter the market dynamics, offering a potential reversal of the current trend. Traders and investors should closely monitor these key technical levels and indicators to navigate the volatile cryptocurrency market effectively.

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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