Ethereum Price Forecast – Ethereum Stabilizes

Ethereum Forecast Video for 14.12.23

Ethereum Technical Analysis

Ethereum hung out during the trading session on Wednesday, as we continue to see a lot of support near the $2100 level. Because of this, the market looks as if it is trying to sort out whether or not the $2100 level is going to hold, which was a previous resistance level. That level could end up being a significant support level going forward, and therefore I think of it as a potential “floor in the market” as far as short-term trading is concerned. Even if we broke down below there, the $1900 level will probably end up being a major support level, right along with the 50-Day EMA which sits right in the middle of that region.

On the other hand, if we turn around and rally from here, once we break above the $2250 level, I suspect that there will be more money flying into this market. However, keep in mind that the next 24 hours will feature the Federal Reserve, the European Central Bank, the Swiss National Bank, and the Bank of England all with their interest rate decisions and press conferences. Ultimately, this is a market that I think is going to need loose monetary policy or at least the prospect of it in order to continue to go higher.

On the other hand, if some of the central banks, especially the Federal Reserve, decide to tighten monetary policy or at least sound like they are going to be tight for a very long time, that could be negative for crypto in general. Ultimately, this is a market that I think continues to be bullish, but we could get a sudden reversal if the central banks muck things up.

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