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Ethereum Up a Rise; Good Time to Buy Above $1,650

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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 23, 2023 | 2 min
Updated on Oct 24, 2023
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  • Ethereum sees a 2.95% surge, trading at $1,694 with a market cap of $203.73 billion.
  • Key resistance and support levels identified with the pivot point at $1,626.
  • Technical indicators suggest bullish sentiment, with potential selling opportunities below $1,700.

As Ethereum showcases an upward trajectory, breaking past the $1,650 mark, many investors and market enthusiasts are left pondering the golden question: Is now the opportune moment to invest in this leading cryptocurrency? With Ethereum’s recent rally and its promising technical indicators, the crypto market buzzes with anticipation, trying to decipher the potential that lies ahead for this digital asset.

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

Ethereum Price Prediction: Technical Outlook

Ethereum, the second-largest cryptocurrency by market capitalization, is exhibiting noteworthy movements that are capturing the attention of traders globally. Currently trading at a price of $1,694.00, Ethereum has seen an appreciable uptick of 2.95% over the past 24 hours. With a significant trading volume of $7.11 billion within the same period, Ethereum’s dominant position in the crypto space is solidified, ranking second on CoinMarketCap. Its market capitalization stands imposingly at $203.73 billion, with 120.27 million ETH circulating in the market.

 

From a technical lens, the 4-hour chart for Ethereum delineates several crucial price levels. The pivot point is currently marked at $1,626. As for resistance levels, immediate resistance is found at $1,708, followed by $1,750 and a more robust resistance at $1,831. On the downside, the ETH/USD finds its immediate support at $1,583, with subsequent support levels marked at $1,502 and $1,458.

 

The technical indicators provide further insights. The Relative Strength Index (RSI) for ETH stands at 77. An RSI above 70 is commonly interpreted as an overbought condition, indicating a potential price reversal or consolidation in the near term. However, an RSI above 50 also suggests bullish sentiment, which is the current scenario for Ethereum.

 

Additionally, the 50-Day Exponential Moving Average (EMA) for Ethereum is valued at $1,604. Currently, Ethereum’s price is hovering above this EMA, indicating a short-term bullish trend. This assessment is further substantiated by specific chart patterns. The observation of a Doji and a bearish engulfing pattern below the $1,700 level suggests potential selling opportunities below this threshold. However, if the $1,700 level is breached, it could serve as a buying signal for traders.

In conclusion, Ethereum’s current trend is bullish, especially if prices can sustain and rally above the $1,700 mark. As the crypto market remains highly volatile, traders and investors should remain vigilant, keeping an eye out for potential breakout or breakdown scenarios based on Ethereum’s interaction with the identified price levels.

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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