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.

Written by: Arslan Butt • Sunday, September 1, 2024 • 1 min read

• Last updated: Sunday, September 1, 2024

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.

#ETH

Current Ethereum structure presents a good buy opportunity with high risk/reward🤔

Price is trading above crucial $2,545 support recently acted as resistance👀

Rise towards $2,790 expected in a short term📈 pic.twitter.com/w241B0GofH

— Rose Premium Signals 🌹 (@VipRoseTr) August 30, 2024

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: Ethereum remains bearish below $2,533.20, with a potential drop to $2,430.80.
RSI at 39: Indicates room for further downside before a possible rebound.
Pivot Point $2,533.20: A critical level that could trigger a bullish reversal if breached.