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Ethereum Rejected Under $18520; Capture Correction?

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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 25, 2023 | 2 min
Updated on Oct 25, 2023
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  • Ethereum’s RSI nearing overbought territory, hinting at strong buying activity.
  • MACD suggests bullish momentum with a crossover above the signal line.
  • Ethereum’s short-term trend remains bullish, with price above the 50 EMA.

As October 25 unfolds, Ethereum, the crypto world’s pioneering smart contract platform, exhibits a captivating dance on its price charts. With a current valuation of $1,791.20, Ethereum’s 24-hour trajectory reveals a 2.58% drop. Nevertheless, its impressive trading volume of $13,608,440,767 USD in the last day underscores Ethereum’s significant market activity and engagement. As the second-ranked cryptocurrency on CoinMarketCap, Ethereum boasts a noteworthy market capitalization, solidifying its esteemed position in the blockchain realm.

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

Ethereum Price Prediction: Technical Outlook

Today, Ethereum’s price sits at $1,791.20 USD, marking a 2.58% decline over the last 24 hours. However, this decline is set against a substantial trading volume of $13,608,440,767 USD, emphasizing Ethereum’s vibrancy in the crypto market. It proudly holds the second spot on the CoinMarketCap ranking, reflecting its potent market presence and influence.

 

Zooming into the 4-hour chart, we gain a detailed perspective on ETH’s price dynamics. The pivot point, an essential metric for traders and investors alike, is firmly set at $1,750. For those bullish on the coin, the immediate resistance lies at $1,832. Should the momentum swing favorably, subsequent resistance levels are poised at $1,915 and $1,996. Conversely, a downward thrust might see ETH seeking support first at $1,707, followed by $1,625 and a deeper support level at $1,582.

 

Delving into the technical indicators, the Relative Strength Index (RSI) is clocked at 69. While not in the overbought territory, it’s nearing the threshold, suggesting heightened buying activity. The MACD, another essential indicator, stands at 3.37, with its signal line registering at 49.39. The recent crossover of the MACD line above the signal line points to potential bullish momentum in the near term.

 

The 50-Day Exponential Moving Average (EMA), valued at $1,668, offers another layer of insight. With Ethereum’s price comfortably above this EMA, it signals a prevailing short-term bullish trend. This suggests that the buying momentum has been the dominant force recently.

 

For the coin, the broader trend seems to be treading on a fine line. The asset appears bearish below the $1,852 mark. However, surpassing this price point could flip the script, ushering in bullish momentum. Given ETH’s current technical indicators and the prevailing market sentiment, it seems poised to challenge the resistance at $1,915 in the ensuing days.

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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