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Ethereum Struggles Below $1,600: Quick Update

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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 13, 2023 | 2 min
Updated on Sep 14, 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 facing a challenging phase as it grapples with maintaining its position below the crucial $1,600 mark. In this quick update, we delve into the current dynamics of Ethereum’s price movement, exploring the hurdles it faces and potential outcomes in the near term.

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

Ethereum Price Prediction: Technical Outlook

Ethereum’s price is presently in the process of orchestrating a recovery, demonstrating resilience as it surpasses the $1,580 threshold against the US Dollar. Nevertheless, it confronts a steadfast barrier embodied by the $1,620 resistance, potentially setting the stage for a renewed descent. Ethereum initiated an upward correction, commencing from the $1,530 level and adeptly surmounting both the $1,560 and $1,580 resistance levels, mirroring the trajectory observed in Bitcoin.

 

Fueled by burgeoning bullish sentiment, the price advanced beyond the 50% Fibonacci retracement level, marking the substantial downturn from the $1,670 swing high to the $1,530 low. Ethereum’s valuation successfully breached the $1,600 resistance level and sustained a position above the 100-hourly Simple Moving Average. However, as it approached the pivotal $1,620 resistance, bearish forces once again assumed control.

 

Ether encountered an impasse in its attempt to conquer the 61.8% Fibonacci retracement level, traced back to the pronounced decline from the $1,670 swing high to the $1,530 low. Of note, a conspicuous bearish trend line is taking shape, characterized by resistance established around the $1,600 threshold on the hourly chart of ETH/USD.

 

Presently, Ethereum finds itself trading beneath the $1,600 mark and the 100-hourly Simple Moving Average. In its upward trajectory, it may encounter resistance in the vicinity of the $1,595 level or the aforementioned trend line. Subsequent resistance lies approximately at the $1,620 juncture. A decisive breach beyond this resistance at $1,620 could potentially pave the way for an advance toward the $1,670 resistance. The subsequent notable hurdle materializes around the $1,720 level, and a triumphant close above this threshold could propel Ethereum further in the direction of the $1,800 echelon.

 

However, the failure to surmount the $1,600 resistance could instigate a reinvigorated downward movement. In this scenario, initial support resides around the $1,565 level. A more substantial support zone converges at $1,550, with a pivotal support level manifesting at $1,530. A breach to the downside beneath $1,530 could serve as a catalyst for further descents, potentially extending the price’s decline toward the $1,500 zone. Under such circumstances, the ETH price may even drop toward the $1,440 level in the near 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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