Ethereum Price Forecast – Ethereum Finds Buyers on The Dip

Ethereum Forecast Video for 09-01-2024

Ethereum Technical Analysis

Ethereum initially dipped during the trading session on Monday, but then turned around to show signs of life again as it looks like we are breaking above the 20 day EMA. If we can continue to see this momentum pick up, we could eventually go looking toward the $2,400 level. This of course is an area that has been resistant multiple times, and therefore I think it makes a nice round figure to pay attention to. Given enough time though, I do think that the overall anti-US dollar sentiment should continue to propel crypto a bit higher, although it remains that Bitcoin is going to lead the way.

The $2,400 level is an area that I think will continue to offer a certain amount of resistance, but if we can break above there, then we can make a serious attempt to break above the $2,500 level, an area that I think also captures a lot of attention and offers a lot of resistance. Above there, then we go looking to the $2,750 level. Furthermore, I think that we go even higher than there over the longer term, and the so-called “measured move” of the previous ascending triangle suggests that we could go looking to get to the $3400 level, possibly even further than that.

As of late, I believe that the market is just simply trying to consolidate and build up enough steam to go higher. It looks like the $2,100 level will continue to be support with the 50-day EMA hanging around in the same area as well. So it all ties together quite nicely for an area of pressure building in an attempt to take off to the upside. If traders believe that central banks are going to loosen their monetary policy, that does help Ethereum and the rest of the crypto markets as well. So, pay attention to the 10-year yield. A breakdown below the $2,000 level would have me reassessing the entire market, but right now it certainly looks like you continue to come in and just buy on the dips.

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