Advertiser disclaimer

Ethereum Reaches $2,000, Eyeing Further Gains

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 November 20, 2023 | 2 min
Updated on Nov 21, 2023
Advertiser disclaimer
  • Ethereum’s price climbs to $2,009.24, marking a 2.97% increase and solidifying its market standing.
  • Key resistance levels set at $2,013 and $2,119, with RSI and MACD indicating bullish potential.
  • Ethereum maintains bullish trend above 50 EMA, with a watchful eye on broader market influences.

In the rapidly evolving world of cryptocurrency, Ethereum (ETH/USD) continues to carve out its space, marking significant strides in both technological advancements and market valuation. As of November 20, Ethereum’s live price stands at a robust $2,009.24, showing a 2.97% increase in the last 24 hours, a testament to its growing prominence in the digital currency market.

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

Ethereum Price Prediction: Technical Outlook

This bullish trend has pushed Ethereum’s market capitalization to an impressive $241.6 billion, securing its position as the second-largest cryptocurrency by market cap. The circulating supply of 120,252,814 ETH coins further underscores its wide adoption and potential for future growth.

 

Analyzing the 4-hour chart, Ethereum’s pivot point is found at $1,908, serving as a key indicator for its short-term trajectory. The immediate resistance level lies at $2,013, followed by higher resistances at $2,119 and $2,224. These levels represent significant milestones that ETH needs to surpass to sustain its upward momentum. On the downside, the immediate support is marked at $1,803, with additional supports at $1,701 and $1,592, providing safety buffers against potential retracements.

 

The Relative Strength Index (RSI) stands at 54, indicating a neutral to slightly bullish sentiment in the market. This level suggests that ETH is neither overbought nor oversold, maintaining a stable yet cautiously optimistic market environment. The Moving Average Convergence Divergence (MACD) shows a value of 8.55, crossing above its signal line at -1.65, indicating potential upward momentum. This positive crossover is a bullish signal for traders and investors alike.

 

Ethereum’s price hovering above the 50 EMA of $1,985 further solidifies the current bullish trend. This indicator is crucial as it suggests that Ethereum is maintaining its strength above a key average price level, reinforcing the bullish sentiment.

 

Despite these positive indicators, Ethereum’s market is not without its challenges. The digital currency’s trajectory will be influenced by broader market trends, regulatory developments, and its ongoing technological evolution. The observed chart patterns, including potential ascending channels, indicate a possible continuation of the bullish trend, yet vigilance is required as the market navigates through various external pressures.

 

In conclusion, Ethereum’s current market dynamics are predominantly bullish, especially with its price maintaining above the critical $1,997 threshold. In the short term, ETH is expected to test its immediate resistance levels, providing opportunities for traders to capitalize on this momentum. However, the ever-changing landscape of the cryptocurrency market necessitates a keen eye on both technical indicators and global market developments.

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