Ethereum Price Forecast – Ethereum Continues to Probe Lower For Support

Ethereum Forecast Video for 23-01-2024

Ethereum Technical Analysis

Ethereum fell significantly during the trading session on Monday and it does look like we are trying to sort out where to go next. After all, the market is going to be probably pretty, pretty noisy. We are still most certainly in an uptrend, but in the midst of pulling back, perhaps to offer a little bit of value. At this point, I think that’s the way you have to play most crypto markets, as there are a lot of questions being asked about crypto this year, but it all looks generally positive.

We have dropped down to the 20 day EMA, and now it looks like we’re going to be looking at the $2,300 level as support. Furthermore, we also have to take a look at the $2,100 level as support. All things being equal, I think this is a scenario where you’re looking for value and you are going to take advantage of cheap Ethereum.

Keep in mind that it looks like crypto is going to continue to strengthen in the year, at least that’s what most people think, and with that being the case it’s likely that Ethereum will get picked up mainly because it’s the backbone for most ecosystems. So, with that I like the idea of buying dips, but I wouldn’t necessarily do so with a huge position right away. You could be looking at it through the prism of little bits and pieces, which is never a bad strategy if you are planning on trading any market for a significant amount of time.

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