Ethereum Price Forecast – Ethereum Pulls Back on Wednesday

Ethereum Forecast Video for 18-01-2024

Ethereum Technical Analysis

Ethereum pulled back early during the trading session on Wednesday, but you can see still has significant support underneath near the 2500 level. So, I think Ethereum probably continues to be a market that people look to buy dips in. We’re just kind of killing time at the moment and that might be the entire story for the next couple of weeks. After all, this is a market that has seen a substantial rise, mainly I believe based upon the idea of Bitcoin getting its own ETF because the next logical step would be that Ethereum will. Whether or not that’s true remains to be seen, but at this point in time it seems to be the overall prevailing attitude. The market continues to be heavily influenced by anticipation more than anything else, and therefore reality doesn’t necessarily matter.

Regardless, this is a market that I think you have to be somewhat cautious about jumping all in, but I do like the idea of buying pullbacks. The $2,500 area is a major support level, the 20 day EMA after that is, and then we have the $2,100 level. Longer term, it’s very likely that Ethereum finds its way to $3,200, maybe $3,300, but right now, we’re probably going to have to work off some of the excess momentum that had found its way into this market. Keep in mind that Ethereum tends to follow Bitcoin, so you will have to watch that market as well, as it shows the overall direction of cryptocurrency, and of course Ethereum will follow right along with it as it is the second biggest market.

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