Advertiser disclaimer

Ethereum (ETH/USD) at $2,175: A Pivotal Moment for Ethereum

author
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.
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 December 18, 2023 | 2 min
Updated on Dec 18, 2023
Advertiser disclaimer
  • Ethereum trades at $2,177.46, down 1.89%, with key pivot point at $2,112 suggesting a bearish sentiment.
  • Technical indicators, including an RSI of 36 and a bearish MACD, point to potential downward pressure on Ethereum.
  • Chart analysis indicates a breach of the upward trendline, leading to a bearish outlook below the $2,200 level.

As the cryptocurrency market continues its dynamic ebb and flow, Ethereum (ETH), the second-largest digital asset by market capitalization, presents an intriguing case for analysis. Trading at $2,177.46 with a 24-hour volume of $8.12 billion, the coin has experienced a 1.89% decline in the last day. Its market capitalization, a substantial $261.73 billion, secures its position just behind Bitcoin. The circulating supply of ETH is about 120.2 million coins, a figure that adds to the complexity of its market dynamics.

Show more
eth graph dec 18
ETH/USD Price Chart – Source: Tradingview

Ethereum Price Prediction: Technical Outlook

In the 4-hour chart, Ethereum’s pivot point is established at $2,112, a critical juncture that could dictate the short-term trajectory of this digital asset. Resistance levels are observed at $2,234, $2,317, and $2,440, marking potential ceilings that Ethereum would need to breach to confirm a bullish trend. Conversely, immediate support is found at $2,028, with additional layers at $1,907 and $1,786, which could play pivotal roles in preventing further declines.

The technical indicators for the coin paint a nuanced picture. The Relative Strength Index (RSI), at a value of 36, signals a bearish sentiment, indicating that Ethereum is potentially undervalued or experiencing selling pressure. The Moving Average Convergence Divergence (MACD) values, standing at -6.33 and -17.40 for the MACD and signal line respectively, also suggest a bearish trend. However, the 50-Day Exponential Moving Average (EMA) at $2,239, currently above Ethereum’s price, adds a layer of complexity, indicating potential resistance if ETH attempts an upward movement.

The chart patterns reveal that the upward trendline, previously supporting the coin, seems to be violated, potentially leading to a selling drive below $2,200. The closing of candlesticks below this level further supports the odds of a continued downtrend.

In conclusion, the overall trend for Ethereum appears bearish, especially below the $2,200 mark. The short-term forecast suggests that ETH may test its resistance levels in the coming days, particularly if it fails to sustain above the pivotal $2,200 zone. However, given the mixed signals from the technical indicators and the recent breach of the upward trendline, investors and traders should approach ETH with caution, closely monitoring these technical levels and market sentiments for signs of either a potential rebound or a further decline.

Stay tuned for more updates!

author
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.
Other categories