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Ethereum Trades Choppy Near $1,575: 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 October 18, 2023 | 1 min
Updated on Oct 18, 2023
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  • Ethereum trades at $1,574.15 with a 0.96% decrease over the last 24 hours and a market capitalization of $189.31 billion.
  • On the 4-hour chart, key resistance levels stand at $1,622, $1,685, and $1,734, while major supports lie at $1,509, $1,459, and $1,395.
  • Technical indicators suggest a slightly bullish sentiment with RSI at 52, while the MACD hints at potential bearishness with a reading of -1.05 below its 2.9 signal line.

Ethereum, the second titan of the cryptocurrency world as per CoinMarketCap’s ranking, is demonstrating some volatility near the $1,575 mark. As of today, Ethereum trades at $1,574.15, seeing a slight drop of 0.96% over the last 24 hours. This comes on the heels of a robust trading volume, which touches approximately $4.94 billion. With a solid market capitalization of $189.31 billion, Ethereum’s circulating supply hovers around 120.26 million ETH. It’s worth noting that the maximum supply data for Ethereum remains undisclosed.

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

Ethereum Price Prediction: Technical Outlook

Diving into the 4-hour chart, Ethereum seems poised for pivotal movements. The critical price benchmarks to consider include a pivot point at $1,572. On the upside, resistances are lined at $1,622, then surging to $1,685 and eventually peaking at $1,734. Conversely, the support mechanisms in place are at $1,509, followed by a deeper cushion at $1,459 and, subsequently, at $1,395.

 

Examining the technical indicators provides further clarity. The RSI, or Relative Strength Index, currently stands at 52. This marginally bullish sentiment might indicate that the trend could continue in its current trajectory. The MACD (Moving Average Convergence Divergence) presents a reading of -1.05, with its signal line at 2.9. This configuration, with the MACD drifting below the signal line, could allude to a bearish sentiment. Furthermore, the 50-Day Exponential Moving Average (EMA) rests at $1,576. Ethereum’s price oscillating around this average hints at a market teetering on the edge, deciding its short-term direction.

 

In conclusion, Ethereum’s trajectory appears to be bullish if it maintains a position above the $1,572 mark. Over the short term, it would be prudent for traders to anticipate Ethereum nudging against its immediate resistance levels. Continual monitoring of both the technical indicators and the fundamental news will be vital for those looking to make informed decisions in the coming days.

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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