Ethereum Price Forecast – Ethereum Pulls Back Slightly

Ethereum Forecast Video for 16-01-2024

Ethereum Technical Analysis

Ethereum initially fell to kick off the trading week but is hanging on to the $2,500 level. This is an area that I do think will end up being a certain amount of support, and it certainly is looking for that way right now. However, it’s probably worth noting that the last couple of candlesticks haven’t been that impressive from a bullish standpoint. And I think at this juncture, we are more likely than not to see some type of consolidation after a little bit of a pullback. The 20 day EMA certainly looks like it could offer support and the $2,300 level could as well.

After that, we have a lot of support at the $2,100 level so it’ll be interesting to see how Ethereum reacts to the Bitcoin ETF because it is a bit of a mess right now as to what we should do now. Certainly, there are immediate thoughts that Ethereum’s going to get its own ETF given enough time and while that may be the case, there are no real moves towards it yet. Ethereum, of course, helps back up the overall system of crypto in general since a lot of coins are built on top of a lot of ecosystems, etcetera. So Ethereum does have its uses regardless. At this point in time, it looks bullish, but you may get the occasional pullback that you can take advantage of to build up a position for a longer term move to potentially $3,750 based upon technical analysis.

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