Ethereum Price Forecast – Ethereum Looks Supported Just Below

Ethereum Forecast Video for 17-01-2024

Ethereum Technical Analysis

Ethereum initially pulled back just a bit during the trading session on Tuesday, testing the $2,500 level. The $2,500 level was significant resistance previously and now seems to be offering significant support. With that being said, it looks like Ethereum is trying to head into some type of consolidation area. The $2,700 level above is an area that I think is the top of the short-term trading range. All things being equal, this is a market that if we can break above the $2,700 level, then the market really could start to take off as FOMO traders would jump in.

Ethereum is benefiting from the idea of crypto becoming legitimized on Wall Street, which ironically might be the death of crypto, but at this point in time, it certainly looks like the upward momentum is something that you need to pay close attention to. Because that’s the case, I think you need to look at this more or less as a “buy on the dip” type of market, and I do think that the longer-term traders are going to continue to jump into this market in order to find a buying opportunity.

If we break down below the hammer from the Monday session, we could move down to the 20-Day EMA, which is closer to the $2300 level. That being said, I think this is a situation where you just cannot short the market, and therefore you are just looking for value to appear in the form of lower pricing, and therefore it does make certain amount of sense that you’re just going to be a “dip buyer” going forward.

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