Ethereum Weekly Price Forecast – Ethereum Continues to Pressure Resistance

Ethereum Forecast Video for 04.12.23

Ethereum Weekly Technical Analysis

Ethereum initially felt during the course of the trading week, but then turned around to show signs of life again. It looks like the $2125 level continues to be a major resistance barrier, and if we can break above there, then it’s likely that Ethereum should continue to go much higher. Short-term pullbacks continue to be bought into, and I think that is a major influence on what’s been going on. Furthermore, you need to keep an eye on Bitcoin, because it generally leads the way for other crypto.

The idea of interest rates falling should continue to help crypto as well, as the market will continue to look at “cheaper money” as an excuse to start stepping out on the risk profile spectrum. Ethereum is pretty far out there for most institutional investors, so when it comes to “real money”, Ethereum is highly sensitive to risk appetite.

Looking at the chart, I think you get a situation where we continue to see a lot of noisy behavior, but I do think also that we have a situation where buyers will continue to see a lot of uncertainty, so therefore you have to be cautious with your position sizing. Regardless, I do think this remains a “buy on the dips” scenario, at least until we break down below the $1925 level, which has offered significant support. At this point, it looks like we are going back and forth and trying to build up the necessary inertia to finally break out. Once we do, the $2300 level is my next target, followed by $2500 after that. I don’t have any interest in shorting this market in the near term.

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