Ethereum Price Forecast – Ethereum Continues to Consolidate After Blast Higher

Ethereum Forecast Video for 06.12.23

Ethereum Technical Analysis

Ethereum continues to ask a lot of questions about the upside, as we have shot higher over the course of the weekend, and now it looks like the $2200 level underneath is offering short-term support, perhaps even down to the $2100 level. With that being said, it’s likely that we continue to see a lot of buyers underneath, and I do think that helps with the idea of a “buy on the dips” type of mentality. The market had recently been consolidating and grinding to the upside, building up the pressure to take out to the upside.

All things being equal, this is market that has been bullish for some time, paying close attention to monetary policy predictions for the United States more than anything else. After all, if there is going to be a significant amount of loose money out there, it’s likely that Ethereum will continue to take off. Ultimately, this is a market that needs cheap money and low interest rates coming out the United States to get everybody excited. Ethereum is the building block for a lot of things on the blockchain, although at this point, we are still trying to figure out what we are going to use the blockchain for. Nonetheless, it is an instrument that a lot of people speculate on, and at the end of the day, that’s really all that matters, that you can make money on it.

That being said, it looks like the money you are going to be making in the Ethereum market is to the upside, and that’s really what you should be focusing on. If we can break above the $2300 level, it opens up a move to the $2500 level given enough time. The 50-Day EMA happens to sit at the bottom of the consolidation area that we previously had been bouncing around in, so I do think that it offers a significant short-term “floor in the market” and could be the bottom of the uptrend if we do in fact see a lot of selling pressure.

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