Ethereum Weekly Price Forecast – Ethereum Finds Buyers on the Dip

Ethereum Forecast Video for 18.12.23

Ethereum Weekly Technical Analysis

The Ethereum market has fallen rather significantly to test the $2100 level underneath, an area that previously had been resistance. Ultimately, this is a market that has shown quite a bit of resiliency though, and I do think that it is probably only a matter of time before we go higher. In general, if we go sideways in the short term, that would make a certain amount of sense, due to the fact that we are heading into the holiday season, and of course we have to worry about quite a bit of liquidity.

If we were to break above the top of the candlestick for the week, then I think the next thing Ethereum does is challenge the $2500 level. Breaking above the $2500 level then allows Ethereum to continue a much longer term uptrend forming. I think that could very well be the case in 2024, but the next couple of weeks could be a little bit noisy, as we are trying to sort out what to do next.

If we were to break down below the bottom of the weekly candlestick, then we are looking somewhere around the $2000 level for support. Underneath there, the 50-Week EMA sits right around the $1800 level and is rising. The shape of the candlestick is worth noting, as it is a bit of a hammer, but could turn into a “hangman” if we break down below the bottom of it. All things being equal, this is a scenario where I think buyers continue to lift Ethereum anytime it dips because it is obvious that interest rates are going to continue to drop.

For a look at all of today’s economic events, check out our economic calendar.