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Ethereum (ETH/USD) Eyes $2,300 Amid Bearish Pressures

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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 December 11, 2023 | 2 min
Updated on Dec 11, 2023
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  • Ethereum (ETH) faces immediate resistance at $2,315, with higher barriers at $2,440 and $2,529.
  • Bearish indicators include trading below the 50 EMA and a negative MACD value.
  • Critical support levels at $2,103 and $2,012 could offer a rebound potential in bearish conditions.

In the dynamic landscape of cryptocurrency markets, Ethereum (ETH/USD) has been a focal point of interest for investors and traders alike. As of December 11, Ethereum is navigating a complex market environment, marked by its current trading price of $2,223.68. The digital asset has witnessed a 5.17% decrease in the last 24 hours, reflecting the volatility that often characterizes the crypto sphere. Ethereum’s position as the second-largest cryptocurrency by market capitalization, currently at $267.32 billion, is a testament to its significant role in the digital economy.

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

Ethereum (ETH) Price Prediction: Technical Outlook

The technical analysis of Ethereum presents a nuanced view of its market trajectory. The pivot point for ETH/USD is identified at $2,228, a critical juncture that could determine the asset’s short-term direction. ETH faces immediate resistance levels at $2,315, with further barriers at $2,440 and $2,529. These levels are crucial markers that need to be surmounted for Ethereum to regain its bullish stance.

Conversely, support levels for Ethereum are positioned at $2,103, followed by $2,012 and $1,927. These points represent potential zones where the price could find a foothold in case of a downturn, offering opportunities for a rebound.

The Relative Strength Index (RSI) of ETH is currently at 35, indicating a bearish sentiment that is not yet in oversold territory. This suggests that while selling pressure is significant, there might be room for further decline before a potential reversal. The Moving Average Convergence Divergence (MACD) corroborates this bearish outlook, with a value of -16.78 lagging behind the signal line at 4.90. This is indicative of potential continuation of the downtrend in the near term.

Notably, ETH is trading below the 50-Day Exponential Moving Average (EMA) of $2,275, generally considered a bearish indicator. The current price trend below this average suggests that the short-term trend is inclined towards the downside. Moreover, the upward trendline supporting ETH at $2,150 signifies a potential pivot area for the digital currency.

In conclusion, Ethereum’s overall trend remains bearish below the critical level of $2,228. If the bearish momentum continues, ETH may test lower support levels, shaping its trajectory in the coming sessions. However, a break above the pivot point could challenge the resistance levels, altering the market outlook for ETH.

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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