In the recent trading session, the market has been in a consolidation phase, accumulating momentum for an upward push.
The $2,400 level is expected to continue offering resistance. Should a breakthrough occur, the market might make a concerted effort to surpass the $2,500 level, which also holds considerable attention and resistance. Beyond that, the $2,750 level becomes the next potential target. Over the longer term, there is a possibility of ascending even further, with a measured move from the previous ascending triangle indicating a potential destination of $3,400 or potentially higher. Consolidation PhaseIn the recent trading session, the market has been in a consolidation phase, accumulating momentum for an upward push. The $2,100 level is considered reliable support, complemented by the presence of the 50-day EMA in the same vicinity. These elements align to create a setup that suggests an impending upward move. Additionally, if there is an expectation of central banks adopting loose monetary policies, it could benefit Ethereum and the broader cryptocurrency market. Monitoring the 10-year yield is crucial in this context. A decline below the $2,000 level would necessitate a reassessment of the entire market. However, for now, the prevailing sentiment leans towards buying opportunities during dips.More By This Author:BTC/USD Forecast: Looks Bullish OverallEthereum Forecast: Finds Buyers On The Dip Yet Again BTC/USD Forecast: Claws Back Some Of the Early Losses On Friday