Ethereum Price Forecast – Ethereum Stabilizes

Ethereum Forecast Video for 13.12.23

Ethereum Technical Analysis

The Ethereum market has been relatively quiet during the trading session on Tuesday, as we continue to hang out and try to sort out where we go next. The fact that we bounced so hard from the recent selloff below the $2100 level is a bullish sign, and I think at this point it is something worth paying attention to. The fact that we can stay in the general vicinity there is also a sign of stability that should invoke a bit of bullish sentiment.

The $2100 level is an area that previously has been important, so it should not be a huge surprise that it offered quite a bit of support. If we were to break back down below that level though, it could be very negative, perhaps opening up a move down to the 50-Day EMA, or perhaps even down to the $1900 level.

If we turn around a rally from here, then I would anticipate that the $2350 level could offer resistance, and if we can break above there, then it opens up the possibility of Ethereum going to the $2500 level. Ultimately, Ethereum looks as if it is trying to find buyers, and the more time it spends in this general vicinity, the more likely it is to attract those buyers.

In general, a lot of this will come down to interest rates and what the central banks are doing, because if they do start to sound a little bit looser with their monetary policy, that will help crypto, as crypto needs cheap and easy money in order to get moving. After all, the reality is that the crypto markets are pretty far out on the risk appetite spectrum, so therefore we need “cheap money.” Because of this, the market is likely to continue to see a lot of heavy influence coming out of bond yields.

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