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Ethereum Steady Above $1,600: 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 September 04, 2023 | 1 min
Updated on Sep 05, 2023
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  • After briefly touching $1,600, Ethereum has shown signs of recovery against the US Dollar. However, it faces resistance at $1,650 and $1,670, mirroring Bitcoin’s pattern.
  • Ethereum aims to reclaim positions above its 100-hourly SMA and $1,650. Surpassing the key resistance at $1,665 could signal a move towards the pivotal $1,700 mark, with further potential to reach $1,750 and $1,800.
  • If Ethereum cannot clear the $1,665 barrier, it risks a decline. Immediate support is found at $1,630, but a drop below $1,580 might deepen its descent, potentially targeting $1,540 or even $1,480 in the short term.

Ethereum, the second-largest cryptocurrency by market capitalization, holds its ground firmly above the $1,600 threshold. As investors and market enthusiasts grapple with fluctuating global economic conditions, many are now asking the pertinent question: Is this the opportune moment to invest in Ethereum?

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ETH coin
ETH/USD Price Chart – Source: Tradingview

Ethereum Price Prediction: Technical Outlook

Today, Ethereum is trading at $1,638.74, registering a trading volume of $3,347,129,757 over the past 24 hours. With a slight increase of 0.29% in the last day, Ethereum holds the #2 spot on CoinMarketCap’s ranking. Its current market capitalization stands at $197,005,517,196 USD, with a circulating supply of 120,217,696 ETH tokens.

Ethereum’s valuation recently dipped to the vicinity of $1,600, followed by a recovery against the US Dollar. With resistance looming at the $1,650 and $1,670 marks, ETH’s descent went beyond the $1,650 support, momentarily plunging under $1,620, echoing Bitcoin’s trajectory.

After bottoming out around $1,600, Ethereum has commenced a corrective upward movement, surpassing $1,620 and $1,630. However, it remains below its 100-hourly Simple Moving Average and the $1,650 mark. An additional bearish trend line has materialized, intersecting at a resistance of $1,665 on the ETH/USD hourly chart.

Potential upward resistances are anticipated at $1,650, followed closely by $1,660 – the latter being proximate to the mid-point of the fall from $1,748 to $1,600. A sustainable surge past $1,665 could pave the way for the asset to approach the crucial $1,700 level. To instigate a significant upward shift, Ethereum would need to secure its position above this $1,700 pivot. A rise beyond could lead to resistance at $1,750 and, further on, $1,800.

Conversely, if Ethereum stumbles before overcoming the $1,665 resistance, a decline could ensue. Immediate support stands at around $1,630, with substantial barriers at $1,600 and then $1,580. Should Ethereum breach the latter, a sharper decline could be on the horizon, potentially pushing the asset towards $1,540 or even a near-term low of $1,480.

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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