Ethereum Price Forecast – Ethereum Continues to Consolidate

Ethereum Forecast Video for 28-12-2023

Ethereum Technical Analysis

Ethereum has rallied again during the trading session on Wednesday, as we continue to see a lot of upward trajectory. That being said, we are also in a period of a consolidation phase, so it would not surprise me at all to see this market just somewhat grind away for the next couple of sessions. I think you are most certainly in a scenario where you are buying dips, with the $2100 level underneath acting as a hard floor in the market.

Between here and there, you also have the 20-Day EMA indicator that a lot of people are paying attention to, so make sure that you are aware of this. It is an indicator that’s been somewhat reliable over the last several weeks, and until proven otherwise, you would have to assume that people are willing to use it as part of their trading system.

On the upside, you have the $2400 level offering a significant amount of resistance, but if we can break above that level, then I think it’s probably going to be a scenario where Ethereum could truly start to take off to the upside. In that scenario, I like the idea of Ethereum going toward the $2500 level given enough time, perhaps even higher than that. That being said, keep in mind that Ethereum takes its cues from Bitcoin most of the time, so you will have to keep an eye on both of those charges.

Ethereum being poised as a potential way to play crypto certainly makes quite a bit of sense, because if Bitcoin does in fact get an ETF and that starts to propel it higher, it’s more likely than not only a matter of time before Ethereum does the same thing.

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