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Ethereum (ETH) at $2,274: Bullish Above $2,266 Pivot?

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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 01, 2024 | 2 min
Updated on Jan 01, 2024
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  • ETH currently trades at $2,274, down 0.59%, with a pivot point at $2,161.
  • Key resistance levels at $2,308, $2,421, and $2,563; support found at $2,044, $1,901, and $1,754.
  • Market sentiment for ETH cautiously optimistic, with potential bullish trend above $2,266.

As we step into the new year, Ethereum (ETH/USD), the second-largest cryptocurrency by market capitalization, continues to be a focal point in the digital currency landscape. Currently, Ethereum trades at $2,274, experiencing a slight downturn of 0.59% in the past 24 hours, according to the latest data from CoinMarketCap. This subtle movement places Ethereum in a delicate balance within the volatile crypto market, holding a significant market cap of approximately $273.41 billion, with a circulating supply of 120,183,925 ETH coins.

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

Ethereum (ETH) Price Prediction: Technical Outlook

The technical outlook for Ethereum paints a picture of cautious optimism. The pivot point is determined at $2,161, suggesting a crucial juncture for Ethereum’s short-term market direction. The immediate resistance level for ETH is set at $2,308, followed by higher barriers at $2,421 and $2,563. These thresholds will be critical in determining Ethereum’s ability to sustain or enhance its current value. On the flip side, the cryptocurrency finds its immediate support at $2,044, with further safety nets at $1,901 and $1,754, which could provide a cushion against potential downturns.

The Relative Strength Index (RSI) for the coin currently stands at 43, indicating a bearish sentiment that’s not yet oversold. This could signal a potential consolidation or a preparatory phase for a downward correction. Additionally, the Moving Average Convergence Divergence (MACD) at -4.58, while below its signal line at -8.30, exhibits a somewhat bearish trend. However, the slight discrepancy between the MACD and its signal line suggests that there might be room for a change in momentum.

A notable aspect of Ethereum’s current technical landscape is its positioning in relation to the 50-Day Exponential Moving Average (EMA), which stands at $2,299. Ethereum’s current price, hovering just below this level, suggests the 50 EMA is acting as a resistance. The ability of the coin to break and hold above this EMA will be pivotal in confirming a potential bullish trend. An upward trendline is providing support around the $2,266 mark, and a consistent closing of candles above this level could signal a shift towards a buying trend for the coin.

Investors and market analysts are closely monitoring these developments, particularly in light of Ethereum’s significant role in the broader blockchain ecosystem and its impact on various decentralized applications and projects. The next few days will be crucial in determining whether Ethereum can overcome the resistance set by the 50 EMA and affirm a bullish stance above the $2,266 level.

The overarching sentiment for Ether remains cautiously optimistic, with the potential for an upward trajectory if it successfully surpasses the key resistance levels. However, the inherent volatility of the cryptocurrency market necessitates a vigilant approach, as any significant shifts in technical indicators or broader market trends could impact ETH’s price movement.

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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