Ethereum Price Forecast – Ethereum Continues to Grind Back And Forth

Ethereum Forecast Video for 10-01-2024

Ethereum Technical Analysis

I’m taking a look at the Ethereum chart, and I see that we continue to bounce around in the same overall consolidation phase. This suggests to me that although the chart has been very bullish, we just don’t have the catalyst to go higher yet. A lot of people are going to be looking to the Bitcoin market for direction, which of course is now slamming up a major resistance barrier and could stall crypto in general.

Ethereum seems to have a significant amount of support below the $2,100 level, which also features the 50 day EMA. With all of this being said, I do believe that a dip in that area will probably attract a certain amount of buying. And I also anticipate that the $2,100 level is support all the way down to the $2,000 level.

With that being the case, I think you’ve got a situation where you have to look at this through the prism of finding value and taking advantage of it. Just above the $2,500 level continues to be resistance and breaking above that would obviously be a very bullish sign. Clearing the $2,500 level, I believe opens up a move to the $2,750 level above that region, possibly even as high as the $3000 level but it will take some serious momentum to make that happen and it probably will take Bitcoin breaking out drastically in order to have people piling into Ethereum. As things stand right now, I think you are just simply trying to build up enough momentum to break resistance, so longer-term minded traders are probably going to be building up their positions currently.

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