Ethereum Weekly Price Forecast – Ethereum Continues to Look For Higher Levels

Ethereum Forecast Video for 02-01-2024

Ethereum Weekly Technical Analysis

When you look at the weekly chart of Ethereum, it’s obvious that we have been banging on the door of breaking out above the $2400 level for some time now. We did pierce that for the week, but it looks like we’re going to continue to struggle a bit. And quite frankly, I think a lot of it probably comes down to lack of liquidity more than anything else. Nonetheless, that can also cause erratic movements in the markets as crypto has been seen multiple times in the past. After all, sometimes retail traders have the ability to move markets when the institutional ones are away.

With that being said, I think short-term pullbacks continue to be buying opportunities and the $2,100 level continues to be significant support. When we finally break above the $2,500 level, and I truly believe it is only a matter of time, then the Ethereum market will likely go looking to reach the $2,650 level, followed by the $2,750 level, and then eventually the $3,250 level. Ultimately, I do think that we get to this level, but it may take some time and serious work to get to it.

This is all based upon a measured move of the ascending triangle on the weekly chart, but that doesn’t necessarily tell us when it happens. It just tells us that it is most likely to happen. And of course, bullish behavior will be heavily influenced by the 10-year yield in America, so, with a negative correlation of risk and the 10-year yield, you have to watch for falling rates. That could give Ethereum even more momentum.

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