Ethereum Price Forecast – Ethereum Continues to Find Buyers on Dips

Ethereum Forecast Video for 27-12-2023

Ethereum Technical Analysis

Ethereum fell during the early hours on Tuesday as we continue to see a lot of volatility. Ultimately, I think this is a market that will eventually have to find more momentum, but the reason that we are working off where we are is that we got here rather quickly, but more importantly, we are stuck in that time of year between Christmas and New Year’s Day, and therefore a lot of liquidity is out of the market.

The $2100 level should be a significant support level underneath that a lot of people will be paying attention to, as it has not only been supported in the past, but it is also an area that previously has been rather resistive against buying pressure. Market memory will make sure that scenario is one that a lot of people pay attention to, and I think it would be an excellent opportunity for value hunters to get involved. On the upside, we have the $2500 level that looms large, but breaking above that level then opens up the possibility of a move to the $3000 level. Over the longer term, I believe that we may look into the $3500 level, but the next couple of days are probably going to feature a lot of back-and-forth choppiness more than anything else.

With all that being said, I like buying dips, but I would do so in bits and pieces, not necessarily jump “all in” into the market as we could have odd movement during the next couple of sessions, but longer-term it certainly looks as if Ethereum is very bullish, as interest rates in the United States continue to drop, which of course helps cryptocurrency markets in general. The more risk that traders are willing to take, the better Ethereum will do and Ethereum has a special place in the market as it is the backbone of a lot of other tokens and ecosystems that are built on top of it. We need to see people willing to invest in the crypto markets and crypto ecosystems in order to drive Ethereum higher, but it does look like we are going to see that happening in 2024.

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