Ethereum continues to blow up above two thousand seven hundred dollars, but can ethereum continue to push towards the upside, or are we going to take a bit of a dip back down towards the downside? Ethereum continues to push beyond two thousand seven hundred dollars, but how much higher can ethereum go in the short and medium term? Make sure you stick around to the end of this episode? I’M gon na be talking about where ethereum is likely, headed, hey guys and welcome to the house of crypto. I make videos every day about ethereum as well as other cryptocurrencies, so if you’re new to the channel make sure you hit that subscribe button, if you want to make money with ethereum and not miss out on trades, like the one that i took yesterday, also, please Please please smash that like button, it really helps the youtube algorithm to deliver this content to more people without further ado, then, let’s jump into the ethereum charts for today, so guys we are currently standing around the 2722 level.
Having taken a recent trip up to around the 270 level, if you watch this, clip from yesterday’s video you’ll see that we were looking for this breakout to happen literally moments before it did now guys. What we’re looking at here is ethereum us dollar. On the one hour chart, and what you can see is between these two key areas at the 2530 as well as down at the 2451, we have been forming uh. This range pattern here, what we are seeing, which is key in the past. We saw that this provided us with a bit of resistance, not only here and also here as well, but we’ve now flipped that into support okay.
So we come over the top and we’ve turned this into support one two and three times here now. Obviously, in terms of the ethereum price, the key level that we really need to break above is at this level at around the 2530 level, for us to perhaps see a further push back towards the upside now guys. What i want you to pay attention to now. I’Ve just been looking at some other youtube videos. I’Ve been seeing the news et cetera, and you know things are very exciting and we feel it inside ourselves.
When things we get this pump that we’ve been looking for for a while. You know we’ve been up and down in this boring little area for a while and suddenly we’ve had this huge push towards the upside, and i get the excitement that goes with that. But ultimately, we’ve always got to be careful of the way that we are feeling, because, ultimately, our emotions actually tend to make us not do necessarily the right thing. So obviously, we’ve seen this big push, and yesterday we did have a bit of a re-test down here which confirmed this as a w pattern in terms of the w pattern as a breakout potential, we could take from the top of this w area here all the Way to the bottom – and let’s just take this all the way up towards the top of here – and that gives us a breakout target of around 3163 level, which obviously we haven’t got to yet, and there is some still some room to grow. Something else i want to draw your attention to is, if we take the fibonacci retracement tool from the top of this high, all the way back in may, and we drop it down to the lowest points.
You can see this very key level that we’re currently sitting at now at the point three eight two and you can see that perfectly you know we’ve managed to come up breakthrough and now we are really struggling to get through here. If we look back a few months ago, where we had this sort of breakdown and we came back up and we pushed through then yeah, we had significant areas of resistance at around this level between the sort of 2 700 and the 2 900 level. So don’t expect us to be able to just fly uh fly through that without much of a sort of a turnaround even on the way up. This is one of the rare pausing points that ethereum took so we’ll be paying close attention to that. If it does take a push back further down, what we could see is potentially a dip back towards the sort of top of these candles here, perhaps to reconfirm uh this breakout, as we saw here, we pushed up and then we came through, and then we saw Some support here at around the 2 500, possibly 2 50 level, so always be cautious of what we’re seeing.
If we look down at the rsi, this is on the one day, then we are seeing that it is slightly uh overbought at the moment uh. It doesn’t necessarily mean that we’re going to take a dip back down, but every time in the past we’ve come up. We touched this. We do tend to have a bit of a push back, so always be aware that we could be looking for a bit of a pushback in terms of what the rsi is saying in terms of the fibonacci. Looking at the ethereum bitcoin chart, i’ve been talking about the ethereum bitcoin chart on this channel for a while, and it’s still looking particularly healthy.
You know we had this breakout. We then came back and confirmed. We did actually dip back inside uh, which many people thought might be a fake out, but then obviously we now the ethereum’s current value being around six point. Eight percent of bitcoin, obviously ethereum, has been pumping coin’s been growing, but bitcoin hasn’t really been growing so aggressively. As ethereum, which is why we’re seeing ethereum growing against bitcoin – and although we do have this kind of like dip here, we do sort of have somewhat of a w pattern uh playing out.
If you want to look at this, we could, potentially, you know, turn this into one. Then we’ve got a big w pattern which will bring us up into a line, so the target of around uh nine point two percent up towards ten percent of a bitcoin, which obviously is very exciting, but this is looking at a daily chart. This could take a bit of time to materialize, so guys just be very cautious when everything is flying up super aggressively. This is when people get burned. This is when people go long, and this is why, for the last two months, people have been telling me in the comments: when will it be back at four and a half k, because that’s what i bought, i’m not saying that you don’t go and buy right.
Now it’s up to you, it’s your own money, but i’m just saying that when the markets are super aggressive like this, they do tend to get people emotionally excited and people do tend to just jump on the bandwagon. There’S always a potential for another train to leave the station if we’re a bit more patient, so always be patient and look at what is happening around you guys, thanks very much for watching today’s video. If you enjoyed it or got any value out of it at all, please hit that, like button really helps the youtube algorithm to deliver this content to more people. And if you are new to the channel – and you haven’t already subscribed – and you hold a theory – we were interested in buying a theorem make sure you hit that subscribe button. So you don’t miss out on trades like happened yesterday, and warnings like you’re getting today, thanks for watching guys and i’ll see you again tomorrow with another video bye,