ETH/USD Price Forecast – Ethereum Has a Very Noisy Wednesday

Ethereum Forecast Video for 04-01-2024

Ethereum Technical Analysis

Ethereum‘s had a little bit of a ride early in the morning as we broke well below the $2,100 level, only to turn around and show signs of strength again. What this tells me is that somebody got spooked, somebody else turned around and bought a ton of it. I think that’s probably going to continue to be the case as cheap money means higher priced crypto.

That being said, I think it’s probably only a matter of time before the buyers do send this market much higher, perhaps reaching the $2,500 level and then eventually beyond that to the $2,750 area. That being said the market is very likely to continue seeing a lot of volatility, but that’s nothing new when it comes to the crypto markets in general.

So, with that, I like buying on dips, but I would not necessarily jump in right away with all of my money. I think we will continue to see a lot of volatility as positions get put on for the new year by institutions. Furthermore, you’re going to have to pay close attention to the bond markets and the interest rate situation in the United States, because if it does end up starting to see higher interest rates, that will work against crypto in general, including Ethereum.

If interest rates continue to drop, then that will continue to lift crypto as it is further out on the risk spectrum than most other assets. With all that being said, I think you still have a buy on the dip scenario as already shown earlier in the session, and therefore the Ethereum market is not something I want to sell, I recognize that it appears we have support all the way down to about $1,950 where the market turned around abruptly early in the morning. All things being equal, I believe that the Ethereum market is one that you can still be a buyer of, but you have to be willing to ride the wave of volatility that is almost certainly going to be part of this situation.

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