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Ethereum Trade Choppy Near $1,600: Quick Outlook

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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 06, 2023 | 2 min
Updated on Sep 07, 2023
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  • Ethereum is presently navigating a recovery phase, surpassing the $1,620 benchmark against the US Dollar.
  • On the hourly spectrum for the ETH/USD pair, Ethereum successfully overcame two bearish trend lines at $1,620 and $1,630 resistances.
  • Upcoming bullish hurdles lie at $1,645 and $1,660. Breaching these could set the stage for a rally to $1,675 and potentially even $1,700.

Ethereum, one of the foremost cryptocurrencies, has recently exhibited volatile trading patterns around the $1,600 mark. As market participants remain vigilant, the crypto asset oscillates with an unpredictable momentum. Amidst this choppy trading environment, understanding the nuances of Ethereum’s current landscape becomes paramount. Here’s a swift overview of what traders and investors might anticipate in the near term.

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

Ethereum Price Prediction: Technical Outlook

In recent developments, Ethereum (ETH) is mounting an attempt at a recovery trajectory, positioning itself above the $1,620 mark relative to the US Dollar. For a substantial upward shift to take place, it’s crucial for ETH to firmly establish itself above the $1,650 threshold. Notably, Ethereum has successfully maintained its stance over the $1,600 support benchmark, exhibiting patterns consistent with a foundation for recovery, reminiscent of Bitcoin’s recent movements.

 

Analyzing the hourly dynamics of the ETH/USD pair, one discerns a successful breach of two previously bearish trend lines, situated at resistance levels of $1,620 and $1,630. This trajectory resulted in a reevaluation of the 23.6% Fibonacci retracement from a noteworthy decline, spanning a swing high of $1,750 to a low of $1,600.

Currently, Ethereum’s trading landscape sees it hovering around the $1,630 mark, closely aligned with the 100-hourly Simple Moving Average.

 

From a bullish perspective, impending challenges lie ahead near the $1,645 bracket. Surpassing this, the next resistance is envisioned at the $1,660 range. Clearing this could pave the way for an advance toward $1,675, a level coinciding with the 50% Fibonacci retracement from its earlier highlighted swing. Beyond this, a significant resistance benchmark resides near $1,700. A definitive closure above this could potentially catapult Ethereum into a more bullish realm, with prospective targets around $1,750 and further advancements possibly pushing it to the $1,800 tier.

 

However, should Ethereum grapple with the $1,660 resistance, it could be poised for a downturn. Immediate defenses are positioned near $1,620, with a more robust support system close to the $1,600 nexus. A plunge beneath $1,600 might amplify bearish sentiments. This would bring into focus the next significant support at the $1,580 boundary.

 

A further descent beyond this could usher Ethereum toward a crucial support benchmark of $1,540. A continuation of this bearish momentum could propel Ethereum towards more daunting lows of $1,480 or potentially even $1,440.

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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