Ethereum Forecast Video for 29.11.23
Ethereum Technical Analysis
The Ethereum market initially pulled back during the course of the trading session on Tuesday, only to turn around and show signs of life. By doing so, it looks like we are trying to form some type of ascending triangle, but there is a massive amount of resistance near the $2100 level that we will be paying close attention to. If we can break above there, then it’s likely that we will go much higher. In that scenario, the market is likely to continue to reach toward the $2500 level.
On short-term pullbacks, I believe that the $1900 level will be a significant support level, and it now looks as if the 50-Day EMA is racing toward that area. The markets will continue to be very noisy, and I do think this is a situation where we have to sort out whether or not the market is going to find enough momentum to break out, or if we need to pull back a bit more significantly, perhaps down to the 200-Day EMA.
That being said, I think we have a situation where crypto is starting to attract more money, because traders are starting to come to the conclusion that the central banks around the world are going to have to loosen monetary policy. Quite frankly, higher interest rates have proven to be absolutely toxic for crypto, and of course we have had several scandals erupt during the tight monetary policy that has exposed a lot of the issues with highly risky assets.
We now look as if we are starting to come out of that scenario, and if that’s going to be the case, I think Ethereum has a real shot at perhaps being one of the big beneficiaries. Keep an eye on Bitcoin, it does have a bit of a “knock on effect” on the whole of crypto, Ethereum included. With that being said, the market is likely to continue to see a lot of interest, but we have to work off a significant amount of froth from the shot higher that we had recently seen.
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This article was originally posted on FX Empire
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