Ethereum Price Forecast – Ethereum Show Signs of Strength on Wednesday

Ethereum Forecast Video for 11-01-2024

Ethereum Technical Analysis

Ethereum had a strong session early on Wednesday, as it looks like we are trying to break above the 2,400 level. The 2,400 level, of course, is an area that has been important previously, and if we do break above there, then the $2,500 level could be the next target. Short-term pullbacks could be buying opportunities with the $2,100 level underneath being a massive support level.

It’s also worth noting that the 50 day EMA is hanging around the $2,100 level. And therefore, I think it comes down to a scenario where we would have plenty of people trying to jump into the market as it’s obvious that we’re in a bullish trend. That being said, it’s also worth noting that Bitcoin is going to lead the way. It almost always does. But Ethereum is the backbone of a lot of other coins and ecosystems.

Obviously, this is a way to measure the strength of cryptocurrency in general. So, with that being said, I do like this market, but I think you need to see dips in order to buy. Regardless, I think this is a market that’s going to continue to be very noisy, and therefore very volatile. You need to be cautious with your position sizing but given enough time I do think that Ethereum finally breaks out, allowing the marketplace to truly take off.

Underneath, if we were to break below the $2000 level, that would be catastrophic for Ethereum, but it is not something that I expect to happen easily, nor do I expect to have it happen without some type of major event. With this being said, I am building up a position on each step, and becoming more aggressive once we get above the $2500 level.

For a look at all of today’s economic events, check out our economic calendar.