Ethereum Price Forecast – Ethereum Continues to Hang Around The 50-day EMA

Ethereum Forecast Video for 26-01-2024

Ethereum Technical Analysis

Ethereum has done almost nothing on Thursday as we continue to sit right around the 50 day EMA. The 50 day EMA is an indicator that a lot of people pay close attention to, and therefore it’s obvious that the market just doesn’t have anywhere to be. The $2,100 level underneath continues to be support, and I think as long as we stay above there, it’s likely that we will continue to see just stagnation and eventually a potential bounce. But really at this point in time, I think they could see a scenario where eventually we rally and start heading towards the 20 day EMA, but I just don’t think that’s going to be easy.

After all, this is a market that now has to deal with the aftermath of the Bitcoin ETF, which got everybody excited. We had this huge run higher in crypto overall, but now crypto has to prove itself for 2024, and so far, it just has missed the mark. Ethereum does stand to benefit from crypto though, because of course, it’s the backbone for a lot of ecosystems out there with that being said, I would anticipate some type of Bounce, but right now it just looks like we’re content to hang around here, which is like a lot of markets are doing at the moment. All things being equal, I believe as long as we can stay above the $2100 level, we could see buyers return sooner or later. All things being equal, this is a situation where it is probably only a matter of time before we bounce.

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