Ethereum Weekly Price Forecast – Ethereum Continues to Find Buyers

Ethereum Forecast Video for 08-01-2024

Ethereum Weekly Technical Analysis

Ethereum initially fell during the trading week to break down below the $2100 level and test the $2000 level. That being said, we have had traders come back into the marketplace and pick it up, showing signs of life again. The candlestick for the week ends up being a hammer, which of course is a bullish sign. While I do think that Ethereum eventually goes much higher, perhaps even taking the measured move into account from the ascending triangle, the reality is that in the short term we probably have to work off a lot of froth.

That being said, I do think that every time the market dips there should be plenty of buyers willing to get involved. Then the 20-Week EMA sorting things out for support certainly does a lot for confidence as well. You should pay attention to the idea that Bitcoin will continue to drive where crypto goes overall, so with that in mind, you need to keep one eye on the BTC/USD chart as well. If we can break above this range that we have been in, meaning taking out the $2500 level, then I think Ethereum could very well find its way to the $3400 level, which is the measured move from the ascending triangle mentioned previously.

I have no interest in shorting Ethereum at the moment, as it looks like it is very stout with its performance. Any dip at this point in time should continue to offer value that a lot of people will be paying close attention to. In the meantime, it’s going to take a certain amount of patience to trade this market or perhaps even build up a position.

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