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Ethereum (ETH) Dips to $2,496 Amid Market Adjustments

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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 February 12, 2024 | 2 min
Updated on Feb 12, 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 overview, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has observed a slight dip in its price to $2,496.45, marking a decrease of 0.82% over the last 24 hours. This movement comes amidst a trading volume of $7,061,048,828, reflecting the cryptocurrency’s significant role in the digital asset space. With a robust market cap of nearly $300 billion and a circulating supply of 120,169,997 ETH coins, the coin continues to be a focal point for investors and enthusiasts alike.

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

Ethereum Price Prediction: Technical Outlook

The technical landscape for Ethereum is complex, with the cryptocurrency navigating near a pivot point of $2438.5. This level is pivotal, hinting at possible shifts ahead in Ethereum’s market behavior. Resistance is seen at $2609.6, $2712.3, and $2880.8, each threshold representing a critical barrier that ETH needs to breach to affirm a bullish trend.

 

Conversely, support levels positioned at $2335.8, $2167.2, and $2064.5 serve as foundational points, potentially halting further price drops. The Relative Strength Index (RSI) is at 58, suggesting a market in equilibrium, neither overbought nor oversold. The Moving Average Convergence Divergence (MACD), with a value of 26.5, subtly indicates the possibility of an uptrend, albeit the market’s immediate direction remains uncertain.

 

Notably, Ethereum’s price action has led to the formation of an inverted hammer candlestick pattern, situated just below a key resistance zone around $2516. This technical formation typically signifies bearish sentiment, suggesting that ETH may face downward pressure if it continues to struggle beneath this critical resistance level. Such a pattern underscores the current market caution, marking the $2516 level as a decisive point for Ethereum’s short-term momentum.

 

As ETH oscillates around these significant technical levels, its trajectory remains tentative, with the $2516 mark standing out as a key determinant of future movements. This resistance level is crucial; staying below it might confirm a bearish outlook, while a breakthrough could pivot Ethereum towards a more optimistic path.

 

In essence, Ethereum’s journey is marked by caution, as it grapples with critical resistance at $2516. This juncture is instrumental in defining Ethereum’s forthcoming market phase. Investors and market participants are thus encouraged to keep a vigilant eye on these developments, which will likely dictate ETH’s direction in the immediate future.

Conclusion: Ethereum’s path is tethered to the $2516 resistance, with its market posture skewing bearish beneath this pivotal point.

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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