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Ethereum Price Forecast – Ethereum Continues to See Buyers Jump In

By:
Christopher Lewis
Published: Jan 11, 2024, 13:07 UTC

The Ethereum markets rallied significantly during the session on Thursday, as we continue to see a lot of buyer pressure. The entire crypto market seems to be on the precipice of a bigger move as well. Ethereum should be a major beneficiary.

Ethereum symbol, FX Empire

In this article:

Ethereum Forecast Video for 12-01-2024

Ethereum Technical Analysis

Looking at the Ethereum market, Thursday has been a continuation of the move higher that we had seen on Wednesday. It certainly looks like Ethereum is ready to go now. So, at this point in time, you do not want to be a seller of Ethereum, although I don’t necessarily think you want to chase it at this moment. What you want to see is some type of pullback where you can buy Ethereum at a better price. This is probably what most traders are looking to do, and therefore it makes sense that the market will continue to see value hunters appear time after time.

The most obvious target for buyers to defend at this point would be the $2,500 level, but I can also say that the $2,400 level is very important as well. After all, this is a market that has broken out from the $2,400 level, but the psychology around the $2,500 level comes into play also. Either way, it does look like we’re ready to go higher eventually, but the fact that we have gained a substantial amount of 15% over the last 48 hours does mean that we probably need to pull back a little bit just to offer some value. We had been consolidating for quite some time and would not give up the upward trajectory, so this isn’t a huge surprise, it was just a matter of trying to break through all of that resistance.

Ethereum of course is the backbone for a lot of other cryptocurrency ecosystems so it makes a certain amount of sense that Ethereum would be one of the beneficiaries of the sudden interest in crypto again. Obviously, you have to pay attention to Bitcoin because it does have a knock-on effect over here. So, while that’s a very bullish market, it is also at a major resistance barrier simultaneously. So that might be part of what causes Ethereum to pull back, which at this point in time certainly looks like it is a buying opportunity.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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