Ethereum Price Outlook – Ethereum Continues to See Basing

Ethereum Technical Analysis

Ethereum continues to bounce around the $1,500 level on Good Friday, as of course, volume is dropping off. But what I find interesting is that the $1,500 level has been important multiple times going back all the way to 2022 and 2023, and even before that on 2021. With that being said, I do think we are getting closer to the bottom than not in Ethereum. And this is seen by the way Bitcoin is acting because quite frankly, Bitcoin will probably lead the way. Ethereum is the backbone of most alternative coins and alternative systems. So obviously as interest picks back up in crypto, that will have interest pick up in Ethereum by default.

Ultimately, this is a market that I think if you’re cautious with, you can begin to build a position, but I wouldn’t be throwing a ton of money into it. In fact, it’s very much like Bitcoin. It probably has another leg up, but you don’t want to bet the farm here. This is a market that continues to see a lot of negativity, but if we were to break below the swing low at right around the $1,380 level, then we could drop down to the $1,250 level.

On a rally above the $1,700 level, we are more likely than not to go looking at the 50 day EMA. After that, then you have the $2,000 level. Once we clear that area, and if we get Bitcoin rallying as well, then I think you see a pretty significant move higher. You are more likely than not going to have to be very patient here, and quite frankly, the best-case scenario for longer-term longevity type of trading is that we go sideways for a while, so patience is paramount.

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