Ethereum (ETH) Daily Forecast: Can ETH Rebound Above $2,533 Pivot Point?

Ethereum (ETH/USD) is currently trading at $2,468, marking a 2.23% decline in the last 24 hours.
With a 24-hour trading volume of $8.06 billion, Ethereum’s market cap stands at approximately $296.96 billion, ranking it as the second-largest cryptocurrency by market capitalization.

The technical landscape for Ethereum remains bearish as the asset struggles to reclaim key resistance levels. The daily chart highlights that Ethereum is trading below its 50-day Exponential Moving Average (EMA) of $2,527.40, reinforcing the bearish sentiment.
The Relative Strength Index (RSI) is at 39, suggesting that while Ethereum is approaching oversold territory, there is still room for further downside before a potential reversal.
A downward trendline, coupled with a descending triangle pattern, indicates a higher likelihood of the downtrend continuation.
Ethereum’s immediate support lies at $2,430.80. A break below this level could open the door for further declines, targeting $2,347.60 and then $2,267.20.
On the upside, the pivot point at $2,533.20 is critical. A sustained move above this level could shift market sentiment towards bullish, with immediate resistance levels at $2,598.00, $2,667.90, and $2,738.60.
However, as long as Ethereum remains below $2,533.20, the path of least resistance appears to be downward.
In conclusion, Ethereum is poised for further weakness unless it can decisively break above the $2,533.20 pivot point. Traders should closely monitor this level, as it will likely dictate the next significant move for Ethereum.

Key Insights:

  • Bearish Sentiment:Β Ethereum remains bearish below $2,533.20, with a potential drop to $2,430.80.
  • RSI at 39:Β Indicates room for further downside before a possible rebound.
  • Pivot Point $2,533.20:Β A critical level that could trigger a bullish reversal if breached.
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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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