Ethereum Price Forecast – Ethereum Continues to Consolidate

Ethereum Forecast Video for 20.12.23

Ethereum Technical Analysis

Ethereum has tried to rally early during the trading session on Tuesday, as we continue to see a lot of noisy behavior. That being said, the market shows quite a bit of support underneath as the $2100 level has been an area of importance more than once. In fact, it was once resistance at the top of the overall market previously, as there was an ascending triangle that kept banging up against that level. Short-term pullbacks should continue to offer support near that area, but even if we were to break down below the $2100 level, I think it’s probably a market that will see the 50-Day EMA offer a significant amount of support, so you should pay close attention to that area as well.

On the upside, the market sees the $2500 level as a potential target, and therefore I think it’s likely to see a lot of traders trying to push Ethereum in that direction. Above there, we could be looking at the $2700 level. All things being equal, this is a situation where we continue to see plenty of traders stepping in to pick up value on every dip, and therefore I think you have got a situation where you will continue to see a lot of value hunting by most crypto traders.

If we were to break down below the 50-Day EMA, then it could be rather negative. Another thing you need to pay close attention to, the reality is that the market is going to be very sensitive to interest rates in the United States, and other bond markets. If rates start to rise again, that probably puts some pressure on the market, therefore I think it’s likely that we would see the crypto markets in general fall, not just Ethereum.

In general, I think this is a market that does eventually go higher and I think that you also have to keep an eye on Bitcoin, due to the fact that it does tend to move the rest of the crypto world. As things stand right now, it certainly looks as if there are plenty of people willing to chase crypto into 2024.