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Ethereum Holds Tight; $1,550-$1,600 Range Eyed

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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 September 26, 2023 | 2 min
Updated on Sep 26, 2023
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  • Ethereum is displaying a recovery trend from its recent low of $1,565, but faces a potential resistance near the $1,600 mark, distinguishing its performance from Bitcoin’s.
  • After a slight rebound past $1,580, Ethereum confronts challenges at the 76.4% Fibonacci retracement level, with a formidable bearish trend emerging near $1,595 on the ETH/USD hourly chart.
  • If unable to surpass $1,600, Ethereum might retrace to foundational support levels, with a dip below $1,540 potentially leading the asset towards the critical $1,500 zone.

Amidst a fluctuating crypto market, Ethereum remains remarkably stable, exhibiting tenacity within the $1,550 to $1,600 bracket. As traders and investors keenly observe the broader market dynamics, the coin’s resilience in this range offers both intrigue and anticipation. The question now looms: will the premier altcoin break free upward or succumb to bearish pressures? Only time will provide a definitive answer, but for now, the spotlight is firmly on this pivotal price corridor.

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

Ethereum Price Prediction: Technical Outlook

Ethereum (ETH) is currently endeavoring a recuperative trend from its recent low at $1,565 against the US Dollar. However, its trajectory might face headwinds near the $1,600 mark, potentially reverting to its recent downturn. Ethereum initiated a downward momentum, breaching the $1,620 and $1,600 thresholds, marking a distinct decline from Bitcoin’s performance.

 

After reaching a nadir at $1,565, the coin underwent a modest uptick, surpassing the $1,580 mark. This ascent navigated beyond the 50% Fibonacci retracement level of its descent, spanning from a high of $1,600 to its recent low.

Yet, the $1,600 resistance remains fortified, with the asset encountering challenges at the 76.4% Fibonacci retracement level from its recent dip. ETH is presently hovering below both the $1,600 marker and the 100-hourly Simple Moving Average. A significant bearish trend is evident, culminating in a resistance proximate to $1,595 on the ETH/USD hourly chart.

 

Should Ethereum manage to break past the $1,595 barrier, it could contend with the $1,600 pivotal resistance. Overcoming this might propel Ethereum towards the $1,620 mark. A sustained move beyond $1,620 could pave the way for an ascent targeting the $1,650 resistance, potentially unlocking pathways towards $1,700.

Conversely, if Ethereum is unable to breach the $1,600 threshold, a retraction is likely. Immediate foundational support is found at $1,580, followed by a crucial level at $1,565. Should Ethereum decline beneath $1,540, it may intensify bearish sentiments, potentially steering the asset towards the $1,500 region.

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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