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Ethereum Steady Over $1,600 Support: FOMC in Highlights

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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 20, 2023 | 2 min
Updated on Sep 21, 2023
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  • Ethereum struggles to surpass the pivotal $1,660 resistance, despite several positive indicators. It currently trades above $1,635, with crucial support at the $1,620 level.
  • Key resistances lie ahead at $1,650, $1,660, and a significant barrier at $1,670. Breaking the latter might lead to a potential rally towards $1,750, with long-term targets near $1,950.
  • On the flip side, failure to maintain momentum could initiate a correction. If Ethereum plunges below the critical $1,600 support, it might approach a more pronounced decline to around $1,540.

Ethereum holds its ground, consistently hovering over the $1,600 support level, as the crypto community and investors keenly anticipate insights from the upcoming Federal Open Market Committee (FOMC) meeting. This steadfast position underscores the asset’s resilience amidst broader market uncertainties, while the FOMC’s decisions could be pivotal in determining its next trajectory.

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

Ethereum Price Prediction: Technical Outlook

Ethereum’s price trajectory has been on a tightrope, with multiple failed attempts to breach the $1,660 resistance against the US Dollar. To initiate a fresh upward momentum, it’s vital for ETH to sustain above the $1,620 mark. Despite several supportive elements, Ethereum struggles to gain a strong foothold above the $1,650 mark, let alone the challenging $1,660 threshold, in stark contrast to Bitcoin’s performance.

 

After two unsuccessful attempts to surpass the $1,660 barrier, the asset underwent a minor retracement below the $1,650 level. This descent pushed it beneath the 50% Fibonacci retracement of the recent surge from a low of $1,627 to the high of $1,660.

 

Currently, Ethereum’s price hovers above $1,635, supported by the 100-hourly Simple Moving Average and holding the 76.4% Fibonacci level from the recent rally mentioned earlier. Looking ahead, a significant hurdle is anticipated around the $1,650 mark, further illustrated by a narrowing triangle on the ETH/USD hourly chart, with subsequent resistances at $1,660 and a more formidable one at $1,670.

 

Should Ethereum break past the $1,670 resistance, it might pave the way for a surge towards $1,750. Beyond this, the next significant resistance lies at $1,820. An ascent beyond this level could potentially propel the coin towards a $1,950 target in the forthcoming days. However, should Ethereum falter in breaching the $1,660 mark, a downward correction could be on the cards. In such a scenario, immediate support can be found near $1,635, bolstered by the 100-hourly SMA. Critical defensive lines stand at $1,620 and $1,600. A decisive slump below $1,600 could trigger a stronger sell-off, potentially driving the asset’s price down to the vicinity of $1,540 in the short term.

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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