Ethereum Price Forecast – Ethereum Gives Up Early Gain

Ethereum Forecast Video for 18.12.23

Ethereum Technical Analysis

Ethereum has initially tried to rally during the trading session on Friday but gave back gains as we continue to see a lot of noisy behavior. All things being equal, I think this is a situation where traders continue to pay close attention to interest rates, and of course the fact that we got a little bit of a shock coming out of the Empire State Manufacturing numbers suggest that perhaps people are starting to become concerned about the possibility of a recession. That being said, between now and the end of the year Wall Street will be focused on trying to get some type of return, and therefore it’s likely that we continue to see traders coming into chase performance.

Underneath, the $2100 level offers massive support, which previously had been significant resistance. At this point, the market is likely to continue to see a lot of buyers coming in to pick up value in this market, as they will continue to look toward the crypto market as a way to boost gain at the end of the year. Above, I see the $2350 level as a barrier that could cause a little bit of hesitation, but if we were to break above there, it’s likely that the market could go looking to the $2500 level.

In general, I think there’s no real argument to start selling crypto at this point, although there is a certain amount of profit-taking that you would expect to see in this general vicinity. Because of this, I think you continue to look at this through the prism of “buy on the dip”, and therefore you will have to be cautious about trying to get too aggressive, but I think at this point in time it’s obvious which direction the market wants to go.

Because of this, I’m not looking to sell Ethereum anytime soon, and I look at a move toward the $2100 level as something that is worth paying attention to and looking at it as a potential opportunity. Because of this, I’m actually hoping that Ethereum drops but if it does not, I also recognize that you could probably go in somewhere around here as well if you are careful.

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