Ethereum Price Forecast – Ethereum Plunges During Tuesday

Ethereum Forecast Video for 24-01-2024

Ethereum Technical Analysis

Ethereum has fallen during the trading session quite drastically as well. Now that we are below the 50 day EMA, I think Ethereum is going to start looking at the $2,100 level. The 2,100$ level is an area that previously had been resistance, so now it should have a certain amount of market memory attached to it. With this, I do think that it’s very possible you could see a buying opportunity soon. If we break down below the $2,100 level and then turn right back around and bounce above it, then we could go higher.

The 200-day EMA sits right around the $1,950 level and is rising to coincide with that area, so it’ll be interesting to see how this plays out. We’ve had a couple of really rough candlesticks over the last couple of days and I think at this point in time, we’re taking our cues from Bitcoin. Bitcoin did break through the crucial $40,000 level overnight, so it’ll be interesting to see if Ethereum can hold up. The market, of course, has been very noisy in general.

Now we have to ask whether or not crypto’s really going to take off this year. If it does, then Ethereum of course will be one of the big winners because so many different ecosystems are built on top of Ethereum. I’m paying close attention to $2,100 and seeing if we get some type of bounce in this general vicinity. If we don’t get that situation, then I think the market is likely to continue to fall apart. All things being equal, this is a situation where we are trading lockstep with Bitcoin, so make sure to pay close attention to it.

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