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Ethereum Hits 50% Fibo at $1590: Time to Buy?

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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 October 16, 2023 | 1 min
Updated on Oct 16, 2023
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  • Ethereum (ETH) current price: $1,557.35, with a 24-hour trading volume of approximately $2.95 billion.
  • Key resistance levels are $1,572, $1,622, and $1,685, while support stands at $1,460, $1,395, and $1,332.
  • Technical indicators suggest potential upward momentum; Ethereum remains bullish above the $1,574 mark.

Ethereum (ETH), a major player in the digital currency market, currently boasts a price tag of $1,557.35. Within the last 24 hours, Ethereum recorded a trading volume nearing $2.95 billion, which denotes a modest increase of 0.22%. According to the latest statistics from CoinMarketCap, Ethereum holds the prestigious rank of #2, underpinned by a robust market capitalization nearing $187.28 billion. Presently, there are approximately 120.26 million ETH tokens in circulation.

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

Ethereum Price Prediction: Technical Outlook

Ethereum (ETH), a major player in the digital currency market, currently boasts a price tag of $1,557.35. Within the last 24 hours, Ethereum recorded a trading volume nearing $2.95 billion, which denotes a modest increase of 0.22%. According to the latest statistics from CoinMarketCap, Ethereum holds the prestigious rank of #2, underpinned by a robust market capitalization nearing $187.28 billion. Presently, there are approximately 120.26 million ETH tokens in circulation.

 

Evaluating the 4-hour chart, Ethereum reveals several vital price indicators. The cryptocurrency’s pivot point is identified at $1,509. On the higher side, Ethereum encounters its first resistance at $1,572, followed by resistances at $1,622 and $1,685. Conversely, support levels are discernible at $1,460, $1,395, and $1,332.

 

A deeper examination of its technical indices reveals:

RSI (Relative Strength Index): Ethereum’s RSI presently stands at 53, suggesting a bullish sentiment as values above 50 typically denote a positive outlook.

 

MACD (Moving Average Convergence Divergence): Ethereum’s MACD line is positioned at 3.14, with its signal line trailing at -1.73. This alignment suggests a possible upward swing for the digital coin.

 

50 EMA (50-Day Exponential Moving Average): Ethereum’s price currently orbits just below its 50 EMA, marked at $1,574. This typically implies a bullish short-term trend when prices surpass this average.

 

Furthermore, Ethereum recently showcased a significant chart pattern: a 50% Fibonacci retracement at $1,590, augmented by a bullish crossover observed in its 50-day EMA.

To sum up, Ethereum’s market outlook appears bullish, especially if it sustains above the $1,574 benchmark. However, a slip below this marker might indicate a shift in momentum. Short-term projections suggest that Ethereum may soon tackle the upcoming resistance levels.

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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