Hey guys today we looking at ETH ,since we dropped our last forecast on ethereum in November ETH hit its new ATH around the 8th to 10th of November and on the last week on November when the whole all the financial market pulled back, ETH also dropped to $3575 and touched our support and trendline of $3686 and till today its still holding our support.
So all this consolidation above our support tells us that the market pull back was healthy an necessary for Ethereum because market tell us if ETH holds support it is possible that it will create new ATH above $5000 to $7000 and more as ETH is available on all major platform and institutions entering the market we could be looking into higher prices following 1st BLUE path arroe.
With the BTC dominance dropping it could affect Eth a bit causing it to break our current support of $3686 flipping it to our new resistance and heading for what will be new support of $2762 and if it hold that support chat will still look bullish following second BLUE path arrow BUT if it breaks $2762 support which will also break our second trendline and pulls back to create a resistance at $3686 we might be looking into new lows for ETH following RED path arrow, which is very less likely to happen.
What do you think will happen over these coming months ?
So all this consolidation above our support tells us that the market pull back was healthy an necessary for Ethereum because market tell us if ETH holds support it is possible that it will create new ATH above $5000 to $7000 and more as ETH is available on all major platform and institutions entering the market we could be looking into higher prices following 1st BLUE path arroe.
With the BTC dominance dropping it could affect Eth a bit causing it to break our current support of $3686 flipping it to our new resistance and heading for what will be new support of $2762 and if it hold that support chat will still look bullish following second BLUE path arrow BUT if it breaks $2762 support which will also break our second trendline and pulls back to create a resistance at $3686 we might be looking into new lows for ETH following RED path arrow, which is very less likely to happen.
What do you think will happen over these coming months ?
