ETH CRASH! WHAT'S NEXT FOR ETHEREUM? | BTC DRAGS MARKET DOWN | Crypto News Today
Next, for this project obviously were going to take a look at the daily chart in a bit of detail to see where we have been and where we are looking to go and what my price expectations are for. Eth towards the end of the ballroom. As we get into this video, if you do find it useful and informative hit the like button, i really do appreciate that, if you happen to be new to the channel, then do subscribe and tap the bell, select all notifications, and in doing so you will be Kept up to date with absolutely everything that we do here right with that said, done out the way lets dive into what is going on with ethereum now. Obviously, this is a project we dont generally talk about too much on the channel. This is mainly just because it is a higher cap coin and you generally see less percentage yield from such a project with that being said, obviously, there are still these five impulse waves to the upside. They actually form a pretty interesting pattern, a little bit different to many of those altcoins out there. We can actually see that wave 2 was actually quite shallow in itself. It went for a sideways for a little bit here, but the correction was pretty steep and it kind of just happened pretty quickly and then it was over. Whereas correction wave four was obviously quite steep in its nature and has he has been quite sharp as well right, so um not as flat as we had seen with wave two other than that we have seen five thousand percent in gains for the 426 days.
Taking us from those lows crash of march 2020 through to the highs that we had seen in may of 2021.. Obviously, this is about one third of the percentage gains that weve seen with uh cardinals ada and again, you know about almost 25 to 30 of what weve seen with something like v chain or harmony, one and a fraction of. Obviously, what weve seen with uh, with polygons matic, for example, okay, so lower percentage yield, but still gaining us profit? Nonetheless, we do anticipate another 327 percent from our current position to kind of peak this one out. Okay and this one – and this particular price prediction for ether here comes in based on the current performance that weve had here for this chart right. So obviously we are paired up with usdt to help us give a nice stable kind of price prediction and um. We are using binance as a data source right, and so, if we take into consideration this push to the upside, where we get to that third wave high, and then we actually take the performance of this crash down here. This allows us then, to put the fibonacci retracement tools on with the extension levels. Now. This is actually indicating to us that ether is more than likely going to top out about 13 000, a lot shorter than what people are being led to believe from other youtubers or other social media platforms and other influences, and obviously i think by the time you Start pushing this project up to those higher numbers.
The whole network becomes very unusable right, and so i do think there is a theoretical limit now. Chris has obviously always said 8k and he is out and again that kind of resonates quite well with our 2.618 area. On this fibonacci, retracement, right and so to go up to about 13 000 does come across like a pretty pretty extreme price for ether. Under the current circumstances of the network, i do think the scalability and obviously the gas fees that are going to be associated with a high price like that are going to be astronomical. Therefore, less adoption of this project overall, less use of the network and therefore less transactions, less transactions, less requirements for ether, less requirements for ether, less the price prediction so thats. Why ive always kind of disagreed with pushing the price up to 25k 100k 150k weve seen them all this year, right theres loads of crazy price predictions for ethereum, but i do think that 13k is a pretty much a realistic kind of level for this one. I do think thats likely, where its going to come in and pushing up above there i its going to get harder and harder to actually see it happen um. You know with that being said, i think, probably around the 20s, the absolute top, but i do think that this actual this area here, this 4.236 of this area of the fibonacci, resonates really well right, based on the current performance, thats, actually a pretty good price prediction.
I think id be pretty happy with a 13k ethereum, so overall 327 percent uh gains still on the table right, um, so good motion to the upside so far, obviously not the best performer in the market, much better than bitcoin. Obviously, thats only had one thousand six hundred percent um, but obviously a lot less than things like v chain harmony, one anchor matic, dot, elrond multivac, you know theyve all had significant gains much higher than what ethereum has right. So obviously, nonetheless, its performed well its got a high market cap and all that nonsense. That goes with it, but otherwise you know percentage yields not going to earn you the most, but it has performed well for what it is. Ultimately um. You know 327 seems pretty reasonable. I do think that is likely to occur, so lets jump down into what has been going on most recently with ethereum. Obviously, theres been those are fundamental shifts and changes, and all thats, good and great and all that kind of stuff. But um we are able to react to whats been going on with the price right. Obviously uh. We have seen a reaction to uh to whats been going on with uh with bitcoin. Obviously, the pullbacks that weve seen very much aligned and again you know this is a pretty standard september. We often see this uh. We were talking about this back in august. You know we do expect a volatile september, and so we have to be kind of mindful over that, but we are not expecting bitcoin to go down to those crazy low levels.
Um. You know i was like you know. I think theyre calling out 20k. At one point right, i dont think thats gon na happen um. I know ive seen some people talk about 38k um, whereas thats possible. Everything is possible. I find it highly unlikely uh and we are actually holding a pretty decent level for bitcoin right now. But you know things are always volatile in the crypto space, so if bitcoin does tumble further, i would expect that ethereum would tumble further as well, and i do not think that the correction is over just yet and im going to get into whats going on there. So as we can see theres a 27 move here in these last 30 uh 17 days and 13 hours right, we can see that just here um so basically from our high areas. Here we go and started trading sideways, correcting the kind of stochastic allowing us to continue, but then bitcoin pulled us down. We got the bounce to the upside here. Weve rejected from this area pulled back down again saying higher highs right and then well reject it from this bounce pull down to a slightly lower um low than this one, but still higher than the previous. This is where things get interesting. We moved up. We took out those key areas higher than this. One, for example, start setting those higher highs. Then we broke down again because of bitcoin. Now bitcoins pulled us down into another lower low that within this area over here so were declining overall right, and so, if i actually draw some trend lines on here, we can actually see that there is some downward trends forming on the higher scale there.
But theres also now this downward trend over here and i dont think we are over just yet either because if i actually just take these off and we actually drill down into these candles over this side, we can actually take a look at whats going on. Just here right, we are pulling back as we speak, and yet we can also see that we are over ball right, and this is just the stochastic rsi, but we are looking to pull the stochastic down right. The stochastic for those who do not know is obviously more sensitive to price movements than the regular rsi right that relative strength index. If i actually throw this on to the chart, so let me find it one. Second, we can see that we are, of course, in the oversold area moving down, but because we are actually reflecting the the more minor movements of uh ether here, the stochastic is actually giving us a more accurate representation of where things are going to go. That being said, momentum can drop out very very quickly on the stochastic, whereas the rsi tends to be moving more slowly and so overall. This kind of gives you a pretty good pattern during trends, and so, if were trending up or were trending down, then the star. The relative strength index is going to be pretty good, but if we wanted to actually really focus in on those micro movements, then thats where the stochastic rsi really comes in handy, because the stochastic allows us to see that were actually overbought and we are looking to Decline even more so we are looking to pull down well, i do anticipate us potentially falling down lower than we actually have, so we could be pulling back down a little bit lower than we were previously, and then we obviously have to look back at where were Likely to go down to so this could just be a small minor movement down to this previous area of support.
I will quickly mark that up with a horizontal ray and so well just drop that there, for example, that could be an interesting point if we do need to drop down further theres, also an interesting area that was previously resistance here. Okay, ive been monitoring that one and again theres another one over here as well. If we were to continue that decline, i dont think we are likely to pull back significantly in that kind of regard. But i am anticipating another lower low to just be set here to kind of bottom things out for us with the ethereum chain. Now, hopefully, im wrong on that and hopefully that doesnt come into fruition, but my expectations here are the decline that weve seen here. Weve had the bounce to the upside. We should now be looking to basically pull our weight cells back to the downside. Okay. So what we can obviously do is we can take a look at this at several different levels. Right. We can see that nothing moves in straight lines on this hourly chart. Okay, so we originally had the decline we bounced. We got rejected. We then bounced or went down to the outside. We bounced. We moved back up right. So when we take that relative, we take our fibonacci retracement and we actually draw this on. We can see that were moving up to about the 50 retracement area and then falling back down again and so again i take it from this high and i go down to this low were bouncing up to the 50 area and then were getting rejected.
And if we continue this motion, we can basically just see that we are basically pulling ourselves back up towards that 50 area. This one actually went up to the 618 before getting rejected. So now what were looking for is to find out okay. Where do we actually end up where, where are the you know, wheres the bottom? To this thing right were looking for those bounces, the s1 actually goes up to the 786, got much closer this time and then weve bounced down. What were looking for is a close above that 786 area so were getting to get rejected out of this area. So i am anticipating us falling down a little bit lower and then obviously getting into this oversold area. Well, look for another surge to the upside, where we can try to take out that 786 and get that holding in a nice strong way. So for now i think theres going to be volatility on the smaller time frame. Again, this isnt anything to really worry about. This is pretty much standard or what you see in the space and the ball run in my opinion is not over. We still have a lot of work to do, but things are definitely looking pretty good on the larger time frames, which is why i often start with the daily chart or the weekly chart for our um for our charts and our analysis, because this actually gives us That bigger view right, it allows us to take a to take stock of the bigger structure where things are going, rather than really paying attention too much on those micro movements.
We dropped down 20 27 right or we dropped down 36. Those things are pretty standard in the space and let me just highlight a few of them on this daily chart for you, so you can understand that this isnt, something that uh, you know just happens and you know we go straight into a bear market, but over Here we can see that we have had to climb uh in the middle of our push to the upside with wave three. We can see that there was one here. There was another one just next to it another one. There we had a nice steep one over there and then obviously we can see theres another one here before we actually go up to the upside there right and so overall, we can see that things on this chart have they have these natural corrections. These natural pull backs theyre, absolutely everywhere, and nothing moves in straight lines. Thats goes for both moving up, but also moving down and overall this isnt anything to worry about. We were actually fighting a cree key critical area for ethereum and we were looking to obviously push up above the 786. Now we got closed above here, but we were losing the momentum. Bitcoin pulled us down past the 618, taking us all the way to the 50 retracement area. This is where were battling right now, and ideally we want to get this todays closed candle above that area. Im not confident on that and if were unable to do so, then we should be looking to fall back towards our 27 200 range, which would be the 382 area of the fibonacci right.
And this is an area that we were previously really consolidating around just here and again, an area which was uh acting as both a resistance line as well as a support line. So if we are to see a significant pullback with bitcoin, then the 382, this 2000 to uh 20 range is an area that i think is going to be our friend with that being said, though, theres no guarantee of moving down that low – and i am more In favor of small corrections on our hourly but long term bullish, i think we are going to be looking to take out this area of resistance in the very near future. Back at the 3 30 351. This is the 618. before we really go ahead and try to push our way back up here and get that ball flag for the weekly closed candle above the 786. Getting that weekly close up here in line with bitcoin also doing a very similar move, could be really good and beneficial for ethereum, okay, so overall uh the ethereum charts, looking pretty good the first price, the target that we want to be looking for when we go Into uh you know the fifth wave in a really strong way will be six thousand dollars, thatll move up to uh, eight and a half thousand dollars to eleven thousand dollars and then obviously topping out about thirteen thousand. In my opinion, i do think that is something that we are likely to see here with ethereum.
As we finish, this bull run in a really strong way, and you know, in line with the historical moves that weve seen right september, has been a pullback month, uh, in the same way that we have seen it in previous years and again, the ball runs usually End in uh december for bitcoin, for example, and again most of the old coins are shortly after that. So again, everything is still to play for here. Weve got a few more months left of this bull run where things will be peeking out in a really strong way, guys im going to leave this analysis there. If you have found it useful and informative hit the like button. I really do appreciate that if you are new to the channel, then why not subscribe tap the bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here with this said done and out of the way I hope everyone has a fantastic day and ill catch.