Ethereum Price Forecast – Ethereum Attempts to Recover

Ethereum Forecast Video for 25-01-2024

Ethereum Technical Analysis

Ethereum rallied slightly during the trading session on Wednesday as we are now threatening the 50 day EMA. This is perhaps in reaction to how the Bitcoin markets are behaving, and it does seem to me at this point in time that we are probably going to have to just look at this through the prism of a market that is trying to pick up its feet from a significant fall and find a new range to trade in.

I do think we will eventually find that range and it looks at this point like the $2,100 level is an area that should continue to be rather well supported. On the upside, I see the $2,500 level as an area that could cause a lot of resistance because not only is this a large, round, psychologically significant figure, but it’s also an area that we have seen noise at previously, offering what is known as “market memory” when the market reacts in that same region again.

All things being equal, this is a market that has about a $400 range, and I do think that we are going to just bounce around in. Ethereum should be a big beneficiary in 2024 if crypto markets do in fact take off because as you should know, the Ethereum market is the backbone for many ecosystems. So, with that, I do think there is going to be demand and I do think that we will go higher, but you’re going to have to sift through a certain amount of volatility in the short term.

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