Ethereum Price Forecast – Ethereum Continues to Look to The Upside

Ethereum Forecast Video for 03-01-2024

Ethereum Technical Analysis

Ethereum rallied a bit during the early hours on Tuesday as traders got back to work. This is a continuation of what we’ve seen for some time as the markets are trying to leave the $2,400 level in the rearview mirror. Short term pullbacks at this point continue to be buying opportunities and I just don’t see how that changes.

The 20-day EMA is currently reaching about the $2,225 level and is rising and should offer a short-term floor in the market. Underneath there, the $2,100 level is even more support, especially as the 50-day EMA is hanging around that level. So I think you have plenty of support underneath to look at any dip in the Ethereum market as a potential buying opportunity, especially considering just how bullish it’s been over the last couple of months. I do believe that eventually we will reach the $2,500 level and then break above there. Longer term, I think we’re probably looking something closer to the $3,250 level as a target, but right now we continue to be very choppy, although we also continue to be very positive at the same time.

So, no shorting opportunities will present themselves anytime soon, at least not as long as we can stay above the psychologically, structurally, and crucially important $2,000 level. Either way, this is a market that I think given enough time we will find buyers and therefore I think we’ve got a situation where this is a “one-way trade” just waiting to happen, so I think we have a situation where you are simply killing time and waiting for an opportunity to get involved in this market.

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