I believe it is going to overtake bitcoin over the next two to three years. What do you think, let me know in the comments, but, more importantly, lets talk about what is likely to happen over the next few weeks. Few months, of course, were going to be answering the question. Like i mentioned, should you be buying ethereum right now, so were looking at this weekly chart to kick things off, and this chart goes back from the previous ball cycle top, which was in 2018, where ethereum peaked out at about fifteen hundred dollars. One thousand four hundred and fifty dollars there – you could say so zooming in a bit to whats, been going on in this part of the cycle, so this chart is taking us from the 18th of january to where we are now at time of recording. We are around mid, may 9th of may so. Actually we current we uh this week, literally the other day we broke this trend line. This support line thats been in play since the 18th of january 2021, which is spooking the market, its even spooking bitcoin whats, interesting with bitcoin, just showing you, the bitcoin chart right now, bitcoin hasnt, yet anyway broken its support. Okay, bitcoin support is down currently at about 28 29 000, which it came and touched upon. We got a bounce, ethereum actually broke through its uh mid long term range support which is concerning. I have to be honest, so lets look at what we need to look at right now for the ethereum price to make heads or tails.

Should you be buying right now? Should you be dollar costing average into it, or should we be waiting for a bigger spill? Well, the first thing we can look at guys is this pattern that um we thats pretty evident. You could say so. The one im talking about is this one here, where we have a clear uh previous resistance now acting as support, and you could arguably say that were in somewhat of a bullish pattern in the terms of like a not a bear flag, but a falling descending tightening Wedge, which many of you know about 75 percent of the time these will break to the upside back to the top of the wedge as a bare minimum, which could be a huge 60 pump. Obviously, in order for that to happen, were gon na need to see a lot of changes in the whole macroeconomic environment, with interest rates, with hikes with whats going with bitcoin these things, dont just work by themselves and ethereum bitcoin theyre. All part of this bigger ecosystem at the moment where risk assets are being shown the back door basically, so my prediction is as follows: im not treating this as a bullish pattern; im more so just treating it as that is a resistance line, however, not so relevant And this support line is in play and i think the price is likely to see us down to this 1800 level, its a significant level, this 1800 level, its actually a volume profile level.

You can see that the red line uh is overlapping this technical level as well, so that 1800 level is significant. It moves down if i zoom right out, but you can see that that is a significant level of um sorry, this level here, the 1800 1850 level is a significant level of support previous resistance. If we, so my prediction, by the way guys is, we will get to that level. Obviously, nothing in trading is guaranteed, so its a good idea to start nibbling at these prices, because it is a good price. We are down in terms of a percentage over 50 percent down, but to put things into perspective from the previous cycle top, which was um january 2018. In terms of a percentage to the bottom. We came down 95, so im not saying its going to be as bad as last time, because theres, a ma, theres much more retail money, theres much more institutional money, theres a lot more platforms defy apps all being built in the ethereum network, but youd have to You you would one would think that you might come down a bit more than 50 in overall bigger recession bear market. We havent really had krypto around in a recession before the last real recession was 0.80708 and of course, crypto came about from the birth of that. So we dont really know how a risk asset like bitcoin ethereum, is going to perform in this environment, but what i can tell you is we have these levels to contend with, like i mentioned the first level around 18 1850.

The next level is the previous cycle. Top, which is about 1400, my strategy on this and ive started implementing this right now, im using buybit, which is my preferred crypto trading platform, where you can trade, not only ethereum bitcoin, you can trade a lot of the altcoins metaverse cryptocurrencies as well, and by the Way, guys in the video down below ive got a link where you can get four thousand one hundred dollars for free when you deposit, plus zero percent maker fees. I also suggest this by beginners video ive made ill pop a card at the top of the video. If you want to learn how to trade on buybit, but of course now is the time to start making good trading decisions based on if the price is going up or down, because we know it also in a bear market environment right now. Obviously, with trading you can make significant gains, but, as you may know, trading is risky, so do watch this video and if you want to learn more about trading, we have the marzell trading academy link in the video description, but ultimately guys its a case now of Dollar, cost dollar cost averaging into this market and im going to be showing you bitcoin in one second, because youre gon na really benefit from an overall picture. I believe, but overall guys i still think were gon na see lower prices. I will change the sentiment to a more bullish structure if we break above this previous support line, but until we break above that line, you have to consider this a deeper bear market and really you want to be buying in uh in uh segments, yeah dollar cost Average into the market, if you have ten thousand dollars as an example to buy in dont, buy ten thousand dollars now by one thousand, maybe one week a one thousand the other week, because the chances are, we will see uh lower prices whats concerning me for the Bitcoin price is the ethereum has broken its um support, so ultimately that could mean bitcoin is going to break its support and just to show you if we look at this, the market bottom fib levels.

So if we go right at the swing low of the market to the swing high, you can see that the golden ratio is in fact down between 1 750 and 1 950. We have also broken this critical fibonacci retracement level to 0.5, which was two and a half thousand dollars that has been broken and its potentially in danger of breaking in a new weekly candle, certainly on the daily, its been broken bitcoin, on the other hand, like i Said still being supported, so that is some glimmer of hope. But ultimately, if you look at the next level for bitcoin, we have 20 000, which is the previous cycle top, and then we could potentially see prices as low, even as 12 dollars, which is technically um. The bear flag target, if you look at it on uh kind of a non logarithmic chart, but to show you that here, if i take it out of log here, you can see that the price comes down to this level. But ultimately, you need to readjust your poll and if you do it like that, some people are actually putting their target down exactly as follows: down to that sort of twelve thousand dollar mark again leave your comments. Let me know what you think, of course, if you believe it is going to that level by all means guys accumulate some crypto by shorting it on the way down. You can go over to derivatives, bitcoin ethereum and you can go short.

You can make some profit and buy it back when its cheaper, but again guys do check out the buy bit for beginners video i made for those of you hodling check out this video, my nexo, complete step by step tutorial ill. Show you in this video how i earn 17 interest on my crypto and how i borrow against my crypto for zero percent very clever way of uh utilizing your capital. That way guys. I hope you enjoyed this video. I hope it provided value share. It smash the like button make sure youre subscribed. Thank you for joining me see on the next.