Ethereum Price Forecast – Ethereum Continues to Impress

Ethereum Forecast Video for 29-12-2023

Ethereum Technical Analysis

Ethereum has busted higher during the course of the trading session to break towards the $2,400 level and even clear it a bit. However, since then we have seen a little bit of a pullback, so I think what this tells us is that although the market is breaking out, it’s not necessarily going to be a one-way shot to $2,500.

I think you probably continue to see a lot of back and forth in this market with more of an upward bias, which is just a continuation of what we’ve seen over the last several weeks. Short-term pullbacks should be thought of as buying opportunities in Ethereum as we did pierce the top of that rather well-defined consolidation region. The 20-day EMA continues to be an area of support. So I think you need to continue to look at that as a potential guide. Underneath there we have $2,100 which also features the 50-day EMA, but at this point in time, I don’t think we will get there anytime soon. Remember, the bond market showing lower interest rates in the future makes speculation on cryptocurrencies much more viable. And that’s exactly what we are seeing here. Bitcoin has had a strong run, and Ethereum might just be playing a little bit of catch-up.

In this scenario, as it was a bit more stagnant there for a while. Regardless, I think there is a certain amount of psychology attached to the $2,500 level that will attract a lot of attention. If we can break there, then I think you get more fear of missing out trading coming into the picture, and more hot money comes into Ethereum. Ethereum is a great way to play the potential moves in alternative coins as it is the backbone for quite a few ecosystems. So that’s something to think about as well. Regardless, I just don’t have any interest in shorting crypto as it’s obviously entering a rather bullish season.

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