Ethereum Price Forecast – Ethereum Pulls Back to Kick Off the Trading Week

Ethereum Forecast Video for 19.12.23

Ethereum Technical Analysis

Ethereum has fallen significantly during the trading session on Monday, to reach toward the $2100 level. The $2100 level is an area that previously had been a resistance level, so it looks like Ethereum could be a bit of a “buy on the pullbacks” type of market at the moment. The $2100 level has already shown itself to be important, so I don’t see any reason why it won’t be again.

With this being the case, I like the idea of buying this dip, but I wouldn’t necessarily go “all in” into the Ethereum market right away, mainly due to the fact that we have a lot of liquidity issues coming out of the market as we head into the holidays. Nonetheless, it looks like it is going to be a good year in 2024 for crypto, especially as central banks around the world continue to debate whether or not to cut back on monetary tightening. Most notably, the Federal Reserve has suggested exactly that for 2024.

On the upside, the $2400 level seems to be the short-term target, but longer term I think we can look toward the $3500 level based on longer-term technical analysis. The 20-Day EMA has offered a significant amount of support on pullbacks a couple of times, and that’s where we find ourselves right now. With this, I do believe that Ethereum will start to take off again, and therefore could be offering a little bit of value if you are bullish on crypto going forward. Pay attention to bond yields in America because if they continue to drop, that will do good things for crypto in general, Ethereum included.