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Ethereum Retests Double Bottom $1,600: Quick Outlook

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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 11, 2023 | 2 min
Updated on Sep 11, 2023
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  • Ethereum’s ETH/USD pair overcomes two pivotal bearish trend lines, establishing itself around the $1,630 mark and aligning with the 100-hourly Simple Moving Average.
  • On an upward trajectory, Ethereum eyes resistance levels from $1,645 up to a significant $1,700, with potential peaks nearing $1,750 and even an ambitious push to $1,800.
  • Potential downward pressures could see Ethereum retreating to supports at $1,620 and $1,600, with deeper corrections possibly directing towards $1,580, $1,540, or even depths of $1,440.

Ethereum, the second-largest cryptocurrency by market capitalization, is currently showcasing intriguing price dynamics as it retests the crucial double bottom mark of $1,600. This level, historically significant for traders and investors alike, could dictate Ethereum’s short-term trajectory. As market participants keenly observe this pivotal juncture, many are left pondering if a potential rebound is on the horizon or if a further descent beckons. In this quick outlook, we delve into the factors influencing the coin’s current position and what it could signify for the near future.

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

Ethereum Price Prediction: Technical Outlook

Today, Ethereum’s price stands at $1,612, witnessing a 24-hour trading volume of $4,589,731,713. Over the last 24 hours, Ethereum has decreased by 0.80%. Currently positioned as the #2 cryptocurrency on CoinMarketCap, its market capitalization is valued at $193,798,945,378 USD. The available circulating supply for the coin is 120,221,790 ETH coins, while the maximum supply data remains undisclosed.

 

Upon closely scrutinizing the hourly trajectories of the ETH/USD trading pair, we observe a definitive surmounting of two erstwhile bearish trend lines, anchored at the resistance thresholds of $1,620 and $1,630. Such a trajectory culminated in reassessing the 23.6% Fibonacci retracement, delineated from a significant drop ranging from a high of $1,750 to the foundational low of $1,600. As of the present evaluation, Ethereum’s market stance gravitates around the $1,630 juncture, seamlessly coinciding with the 100-hourly Simple Moving Average.

 

From an optimistic vantage point, the coin is poised to encounter forthcoming resistances near the $1,645 matrix. Transcending this barrier, anticipations of the subsequent resistance emerge around the $1,660 contour. Breaching this pivotal threshold could set the stage for a rally towards $1,675, a latitude synchronizing with the 50% Fibonacci retracement of the aforementioned significant deviation. Beyond these metrics, a formidable resistance pedestal is discernible around $1,700. A conclusive ascendancy past this demarcation might usher Ethereum into an ascendant trajectory, with potential zeniths touching $1,750 and potential escalations driving towards the illustrious $1,800 mark.

 

Conversely, if the coin contends with impediments at the $1,660 barrier, a bearish retracement might ensue. Immediate bulwarks are demarcated around $1,620, buttressed by a more resilient bastion proximate to the $1,600 landmark. Any downward spiral subsuming the $1,600 stratum could accentuate bearish undertones, steering the focus towards a crucial support level at the $1,580 echelon.

 

Further erosion beyond this parameter could channel the coin towards an imperative support cluster of $1,540. An unabated bearish cascade may then thrust the coin to confront deeper troughs, potentially anchored at $1,480, or even as profound as $1,440.

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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