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Ethereum Plummets to $1,670: What Comes Next?”

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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 August 21, 2023 | 2 min
Updated on Sep 04, 2023
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  • Ethereum’s price is initiating a recovery above $1,620 against the US Dollar, but staying below the 100-hourly Simple Moving Average (SMA) could lead to renewed downward movement.
  • After a significant drop below $1,700, Ethereum’s price found support around $1,520 and embarked on a notable recovery, mirroring Bitcoin’s movement.
  • The price climbed above $1,550 and $1,600 levels, surpassing the 50% Fibonacci retracement level of the decline from the $1,825 high to the $1,518 low.

In a dramatic turn of events, Ethereum has experienced a significant plummet in value, bringing its price down to $1,670. As this sudden drop shakes the market, the question that looms large is: What lies ahead for Ethereum and its price trajectory?

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

Ethereum Price Prediction: Technical Outlook

Presently, the Ethereum price stands at $1,674.09, accompanied by a 24-hour trading volume amounting to $4,014,481,861. Over the past 24 hours, the coin has witnessed a positive growth of 0.36%. Positioned at the second spot on CoinMarketCap’s ranking, the coin boasts a live market capitalization of $201,251,525,686 USD. The circulating supply of Ethereum comprises 120,215,151 ETH coins.

 

Ethereum’s price is in the process of initiating a recuperative phase above the $1,620 level against the US Dollar. The possibility of a renewed downtrend remains if Ethereum remains below the 100-hourly Simple Moving Average (SMA). Following a substantial decline beneath the $1,700 mark, Ethereum’s price dipped to the $1,520 range before embarking on a notable recovery, mirroring Bitcoin’s trajectory.

 

The price action witnessed an upward move beyond the $1,550 and $1,600 levels. This ascent encompassed surpassing the 50% Fibonacci retracement level, which corresponds to the downward move spanning from the $1,825 swing high to the $1,518 low. Additionally, a breach occurred through a previously constraining bearish trend line, which held resistance at approximately $1,670, on the hourly chart of ETH/USD.

 

Nonetheless, the bearish sentiment endures below the $1,680 level. Ether also maintains its position beneath both the $1,700 mark and the 100-hourly Simple Moving Average. Looking ahead, potential resistance may emerge around the $1,690 threshold, followed by the next resistance level near $1,700, which coincides with the 100-hourly Simple Moving Average.

 

The presence of the 61.8% Fibonacci retracement level, stemming from the downward movement between the $1,825 swing high and the $1,518 low, is also notable near the $1,700 zone. If the price manages to close above the $1,700 level, the prospects for a substantial near-term increase become more promising.

 

The subsequent significant resistance resides around the $1,750 level. Further gains could potentially propel the price towards the $1,820 resistance, surpassing which the price might ascend towards the $1,880 area. In the event that Ethereum encounters difficulties surpassing the $1,700 resistance, a continued downward trajectory might ensue. Initial support in this scenario can be found near the $1,640 level.

 

The primary support zone lies in proximity to the $1,600 region. A failure to secure the $1,600 support by the bulls could result in further losses. Subsequently, the subsequent substantial support materializes near the $1,550 level. If the situation deteriorates further, the price may edge toward the $1,520 mark in the near term.

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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