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Ethereum Spikes to $1,750: Good Time to Buy?

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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 30, 2023 | 2 min
Updated on Sep 03, 2023
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  • Ethereum encounters resistance at $1,670, mirroring Bitcoin’s challenges. A breach below $1,640 could trigger a decline, despite recent recovery attempts above this threshold.
  • The digital asset reveals bearish signs beneath $1,670 while maintaining the 50% Fibonacci retracement from its $1,580 to $1,698 range.
  • Breaching these could see the price aim for $1,700 and possibly $1,720 or $1,780.

Amidst a surge that has propelled Ethereum’s price to $1,750, a question arises for investors: Is this an opportune moment to consider buying into the Ethereum market? As the cryptocurrency landscape remains dynamic and ever-changing, a closer look at Ethereum’s recent performance and market indicators can provide insights into the potential implications for traders and investors alike.

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

Ethereum Price Prediction: Technical Outlook

The current Ethereum price stands at $1,716.80, accompanied by a 24-hour trading volume of $11,341,418,238. Over the past 24 hours, Ethereum has witnessed a gain of 4.30%. As per the current CoinMarketCap ranking, Ethereum holds the position of #2, boasting a live market capitalization of $206,386,344,684 USD. The circulating supply of Ethereum amounts to 120,215,981 ETH coins.

 

Ethereum’s value demonstrated an upward surge, effectively surpassing the $1,700 resistance against the US Dollar. However, Ethereum encountered resistance around the $1,750 mark and is presently undergoing a corrective phase to offset recent gains. The price escalation for Ethereum was initiated from the $1,620 region, where it established foundational support before embarking on a gradual climb, mirroring the trajectory of Bitcoin.

In the hourly ETH/USD chart, a significant breakthrough occurred as a pivotal bearish trend line with resistance at approximately $1,650 was breached. This development was followed by an ascent beyond both the $1,670 and $1,700 resistance thresholds. Nevertheless, a notable bearish presence was observed in proximity to the $1,750 level.

 

As a result, a peak was reached at roughly $1,747, prompting the commencement of a corrective phase. This phase witnessed a drop below the $1,720 level. The decline extended further below the 23.6% Fibonacci retracement level of the upward movement, spanning from the $1,639 swing low to the $1,747 high.

Ether’s current trading position places it above $1,700, accompanied by the 100-hourly Simple Moving Average. In terms of potential upside progress, the price may encounter resistance close to the $1,725 level, followed by subsequent resistance around the $1,750 mark.

 

If Ethereum achieves a firm close above the $1,750 resistance, it could potentially steer the price toward the $1,850 zone. Subsequently, a clear breakthrough above $1,850 might propel Ethereum’s value toward the $1,920 resistance. Any additional gains could elevate the price further, targeting the $2,000 resistance.

However, a failure to overcome the $1,750 resistance could result in a continuation of the downward movement. Initial support on the downside is expected near the $1,700 level. The initial crucial support resides close to $1,680, marked as the 61.8% Fib retracement level from the swing low at $1,639 to the high at $1,747.

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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