So what will the price of ethereum do next and well ill? Be talking more about that in just a moment alongside the ethereum versus bitcoin chance, which is currently very important to pay attention to, but more on that later in this video definitely stick around. First of all, starting off on the daily ethereum chart, and obviously we broke below that 78.6 fibonacci level, which was coming in at around 2.1 k to 2.2 k and in fact, if you zoom in closer to this break to the downside. What i was saying yesterday is basically we need to see at least a daily candle close below 2.1 k, and if we see that happen then well drop towards 1.7 k and basically we got a daily candle close at around 2080. So obviously that is just below 2.1 k and then the moment we saw that confirmation of the break of this important fibonacci level. Then we saw a move down towards one thousand seven hundred dollars per ethereum, and then we saw a lot of support at pretty much that exact price level as expected. So, hopefully, those of you who have been watching my ethereum update videos made a lot of money on this dump to the downside down to what seventeen hundred. Because from the moment we got that daily, kennel close down to what seventeen hundred, if you shorted that move, even with no leverage you could have made a seventeen percent profit if you got out a little bit before seventeen hundred, because personally, when i short, i take Profits just before we hit a level of support and when i long i take profits just before we hit a level of resistance and ill, never recommend leverage for complete beginners out there, but for those who are a little bit more advanced, even just a 6x leverage.

On this, 17 move would have doubled your money and, in case youre wondering what exchanges i use to trade ethereum right now. I only use buy bits and honestly, i am not just saying that, because im affiliated with buy bit ive actually been using, buy bits for longer than ive been posting videos on this channel. But if you do appreciate these videos and these predictions, you can actually help support the channel and get yourself a free deposit bonus just by creating an account with bibit. Using the link down below in the description. Itll be the second link down below in the description and in the pinned comments, but anyway, now that ethereum has hit 1700. Technically speaking, this bear flag has fully played out according to the technical price target, and so right now the price of ethereum is basically between support and resistance and, of course, our support is 1700, but our possible point of resistance is around 2.1 k to 2.2 k. Considering we did previously find support and also resistance at around that sort of price in the past, and in fact, if youre looking at the price of ethereum during the middle of last year, when ethereum crashed down towards 1700, we actually ranged in between that price range That i just spoke about for roughly around one month, so we could be in for a bit of a sideways price range moving forward and so basically reduced volatility compared to this drop.

Just here i dont expect another move like thats immediately after we just had that move. So essentially, what is most likely in the shorter term is for the price action to start chilling out a little bit and somewhat stabilize within this price range, at least in the shorter term. Talking about the next few days or so, but as for the larger moves in the market ill also be keeping an eye on what bitcoin and what the stock market are doing as well, because usually its what the stock market and what bitcoin is doing. That determines what ethereum really does on the larger time frames here in terms of these larger price movements, but while were on the three day time frame, taking a look at the three day, ethereum rsi right now, we are currently oversold, which is finally, that bullish signal That i was looking for over the past few days once again over the past couple of days. If you missed my recent ethereum update videos, ive been talking about how every single time the ethereum rsi on the three day time frame, has gotten a rejection from this line of resistance over the past one and a half years. Basically, this has resulted in a lot more bearish price action to come pretty much every single time so far, but the opposite of the three day, ethereum rsi, getting a rejection up here towards this line of resistance would be if the three day ethereum rsi enters into Oversold territories being a bullish signal, rather than a bearish signal, and so now that we are seeing that.

Obviously, that is a good sign for ethereum on the three day timeframe, at least and if youre. Looking at the last time. The three day, ethereum rsi, entered slightly into oversold territories that was towards the end of january this year, and obviously, what came after that signal was some more bullish price action for the next two to three months, which once again, is essentially the opposite of these bearish Signals where the rsi gets a rejection from this line of resistance, so simply based on the three day, ethereum rsi alone, especially if we close the three day candle with the rsi in oversold territories. We are starting to look a little bit more bullish than bearish on these slightly larger time frames for ethereum, but unfortunately that cant really be said for ethereum vs bitcoin, because obviously, as i mentioned yesterday, some of these indicators were starting to flip more bearish. In terms of the trend here so essentially i mentioned we are potentially about to resume this previous bearish trend again and obviously we are now seeing this previous bearish trend resume, but more violently and one of the big reasons why ethereum is pulling back quite a lot Against bitcoin, at least as of right now, is due to the bitcoin dominance, absolutely skyrocketing in the shorter term and, as you might already know, the collapse in luna and ust was basically the catalyst of this shoot to the upside. In the bitcoin dominance, which is basically bearish for the overall alt queen market, so the alt coins on average are underperforming against bitcoin, while the bitcoin dominance is moving to the upside, but just zooming out a little bit further on the bitcoin dominance chart and you can See that the bitcoin dominance is currently running into an important level of resistance, simply based on these previous highs and that level of resistance is currently coming into play at around 44.

5 bitcoin dominance and so right now the bitcoin dominance is really in a deciding moment. At least in the shorter term, because if we see a confirmed breakout in the bitcoin dominance above this line of resistance, then we could see the old coin market perform very badly against bitcoin. So this is a potential risk to pay attention to moving forward. But i want to make it clear that we have not broken out just yet at the time of recording this video and obviously ill be sure to keep you updated every day in these videos and in real time over on my twitter. The moment we do that or if, on the other hand, we might end up getting a rejection from that line of resistance, which in that case, would be good news for the old queen markets. But as of right now, it is still too early to tell, which is why i was saying, were in a deciding moment right now and ill continue to update you moving forward and, in fact heading back to the ethereum versus bitcoin charts on the three day. Time frame you can see that over the past one year, ethereum versus bitcoin has actually been trending up. That is right. Over the past one year, weve essentially seen ethereum outperform bitcoin, but recently that is starting to change and especially if we see a confirmed break below this line of support, which is currently coming into play at around 0.

067 bitcoin per ethereum. And so basically, if we see a daily kindle close, but ideally a candle close on a larger time frame like that three day chart or the weekly time frame below that line of support that i just mentioned, then that could be bad for ethereum versus bitcoin, essentially Meaning a theorem would be underperforming against bitcoin moving forward if we break this line of support and this test would likely go hand in hand with the bitcoin dominance, meaning if the bitcoin dominance breaks out to the upside, it would likely cause the ethereum versus bitcoin charts To break to the downside, and in that more bearish scenario, if we do break to the downside here, of course, personally id rather be holding bitcoin over ethereum. In that scenario, of course, ill not sell all of my ethereum, but i would move at least some of my ethereum into bitcoin. If we break to the downside here with some confirmation and if you want to know how to keep making money in crypto, even if prices are going down, make sure to check out one of these uploads popping up right here on your screen, because in both of These videos, i reveal how i continue to make money in crypto, no matter what prices are doing but anyway, that is everything that i have to say for today.