Advertiser disclaimer

Ethereum Holds at $1,630: Double Bottom in Play?

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 August 28, 2023 | 2 min
Updated on Sep 03, 2023
Advertiser disclaimer
  • Ethereum encounters resistance at $1,670, mirroring Bitcoin’s challenges. A breach below $1,640 could trigger a decline, despite recent recovery attempts above this threshold.
  • The digital asset reveals bearish signs beneath $1,670, while maintaining the 50% Fibonacci retracement from its $1,580 to $1,698 range.
  • Breaching these could see the price aim for $1,700 and possibly $1,720 or $1,780. Conversely, failing at $1,670 might lead to a drop towards $1,640 or even the critical $1,580 support.

Amidst a fluctuating cryptocurrency landscape, Ethereum continues to hold its ground near the $1,630 mark. This stability raises pertinent questions about the underlying factors at play. Some analysts posit that a double bottom pattern, often seen as a bullish reversal signal, might be offering Ethereum the crucial support it needs during these volatile times. As investors and traders keenly observe its trajectory, Ethereum’s resilience around this price point becomes a focal topic of discussion in the crypto community.

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

Ethereum Price Prediction: Technical Outlook

Today’s Ethereum price stands at $1,642.97, reflecting a trading volume of $3,093,288,892 over the past 24 hours. The coin has experienced a slight dip of 0.40% in the recent day. As per CoinMarketCap, the coin holds the #2 spot with a market capitalization of $197,514,189,549 USD. Currently, there are 120,217,770 ETH in circulation, and the maximum supply data remains undisclosed.

 

Ethereum’s price trajectory showcases resistance at the $1,670 benchmark when pitted against the US Dollar. Should it breach the $1,640 support, a subsequent decline could be imminent. Despite initiating a recovery wave that surpassed the $1,640 threshold, the ETH faces challenges ascending beyond the $1,660 and $1,670 resistance points, reminiscent of Bitcoin’s trajectory.

 

Currently, Ethereum portrays bearish tendencies beneath the $1,670 mark, yet it effectively upholds the 50% Fibonacci retracement of its significant surge from a low of $1,580 to a high of $1,698. Additionally, Ethereum’s trade activity below $1,660 and the 100-hourly Simple Moving Average is notable. Furthermore, a pivotal bearish trend line, with resistance approximating $1,660, delineates the hourly ETH/USD chart.

 

Should ETH maintain its position above the supportive $1,640 zone, it might signal bullish undertones, potentially prompting an upward trajectory. On this upward path, initial resistance is anticipated around $1,660, followed by a more substantial barrier at $1,670. Surpassing this could propel the asset towards the pivotal $1,700 mark, with the subsequent significant resistance projected at $1,720. Achieving this might lay the groundwork for a surge targeting $1,780 or even the formidable $1,850 resistance.

 

However, should ETH be impeded at the $1,670 resistance, a downturn might ensue. The first defensive line is anticipated near $1,640, with a stronger support zone around $1,620, aligning with the 61.8% Fibonacci retracement of its aforementioned surge. A more consequential support looms around $1,580. A descent beyond this mark might trigger a steeper decline, potentially targeting the $1,500 milestone. Further downturns could steer Ethereum to approach the $1,440 region in subsequent sessions.

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