Ethereum Price Forecast – Ethereum Continues to Break Out to The Upside

Ethereum Forecast Video for 15-01-2024

Ethereum Technical Analysis

Ethereum has had a bullish session on Friday again as it looks like we are leaving $2,500 behind. Because of this, I think the market is likely to continue to try to go higher, but there will be an occasional pullback. That pullback should be thought of as a buying opportunity in a market that obviously is very strong, and one that has attracted a lot of momentum, especially in the last several days.

Underneath we have the 20 day EMA right around the $2,300 level that is rising. And of course, we have the $2,100 level underneath there as a major support level that had proven itself over the course of about six weeks. It looks like everybody is getting excited about the Bitcoin ETF and that might be transferring over here a bit because the next logical step would of course be that Ethereum could have an ETF. Whether or not that actually happens remains to be seen, but ultimately this is a situation where we have momentum regardless, and therefore you have to look at the market through the prism of being extraordinarily bullish.

Ethereum is the backbone of a lot of other ecosystems as well, so if there is a general push back into crypto, it does make a lot of sense that Ethereum would be one of the big winners. I’m buying it on dips and have no interest whatsoever in shorting this market as I think it goes looking to the $2,750 level next. After that, I believe that Ethereum could go looking to the $3000 level, which of course would attract a lot of attention.

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