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Ethereum Slices Through $1,600; Should You Buy Now?

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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 28, 2023 | 1 min
Updated on Oct 01, 2023
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  • Ethereum’s current price stands at $1,608.23, marking a 0.95% increase in the last 24 hours.
  • The cryptocurrency claims the #2 spot on CoinMarketCap with a market cap of $193.37 billion.
  • Technical indicators suggest a short-term bullish trend with Ethereum’s price above its 50 EMA.

As of September 28, Ethereum (ETH/USD) has demonstrated its market resilience with a noteworthy upswing, marking its price at $1,608.23 USD. In the past 24 hours, Ethereum has surged by 0.95%, signaling a robust trading activity that’s reflected by a 24-hour trading volume of roughly $6.04 billion USD. In the ever-competitive crypto ranking, Ethereum confidently secures its #2 spot on CoinMarketCap. This dominance is accentuated further with a staggering market cap of $193.37 billion USD and an approximate circulating supply of 120.2 million ETH coins.

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

Ethereum Price Prediction: Technical Outlook

Analyzing the 4-hour chart, Ethereum’s pivot point gravitates around $1,607.2. The initial resistance level to watch is set at $1,644.6, with subsequent resistance levels slated at $1,706.8 and $1,745.1. On the flip side, should there be a downward price movement, the coin could potentially find support at $1,542.5, followed by $1,505.2 and then at a more significant dip to $1,442.4.

In the realm of technical indicators, the Relative Strength Index (RSI) for Ethereum is valued at 55.41, denoting a moderately bullish sentiment given its position above the neutral 50 mark. Furthermore, the Moving Average Convergence Divergence (MACD) registers values of 2.3 for MACD and 2.5 for the signal. Currently, Ethereum’s price dances slightly above the 50-Day Exponential Moving Average (50 EMA) valued at $1,598, emphasizing a short-term bullish trend. Notably, the chart showcases an upward trendline, providing assurance to the asset’s momentum, although the mentioned support level appears to be mistakenly quoted from Bitcoin and needs rectification.

While specific fundamental news influencing Ethereum’s price remains unspecified in this overview, it’s crucial for potential investors to stay informed about global events or regulatory changes impacting the broader crypto ecosystem.

In conclusion, Ethereum’s trajectory suggests bullish tendencies when positioned above the $1,600 benchmark. Should it breach below this pivotal figure, a bearish disposition might take the helm. In the ensuing days, it’s plausible for the coin to challenge the resistance hovering at $1,644.6. As with all investments, one should practice due diligence, constantly update their research, and when necessary, seek insights from financial professionals.

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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