Ethereum Price Forecast – Ethereum Markets Quiet on Thursday

Ethereum Forecast Video for 05-01-2024

Ethereum Technical Analysis

Ethereum did very little during the trading session on Thursday, which will have been welcome relief for a lot of traders out there as the markets were out of control during the previous session. With that being said, I think you’ve got a situation where a lot of traders are going to be looking at this through the prism of perhaps continuing the overall consolidation area.

The $2,100 level continues to be an area that a lot of people will be paying attention to due to the fact that previously it had been resistance. And of course, it has shown itself to be support and is attracting the 50-day EMA. So, all of that together, I think, makes the $2,100 level a significant support barrier. If we were to break down below there, it would obviously be a very negative turn of events but right now I don’t think that’s likely to be the case anytime soon. I do believe that by the time we get through the jobs number and the subsequent reaction, we might have a better idea as to what the bond markets are going to do, thereby giving us an idea of where we are going in crypto.

On the upside, we have the $2,400 level, which is an area that I think a lot of people will pay attention to due to the fact that it has been so stringent in its restriction of movement. But if we were to break above there, then it opens up the possibility of going to the $2,500 level. And then eventually the 2,750 level and I do think that more likely than not ends up being where we go eventually pay attention to interest rates because the interest rates dropping in America certainly helps the idea of speculating on Cryptocurrencies, but right now I think the market is just kind of killing time in an area where it feels comfortable. After all, it does make a certain amount of sense that we have to work on some of the froth from the massive bullish move that we had seen previously.

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