Welcome back to the crypt world channel everyone, my name is josh and right now, ethereum has met my exact price target out of this massive w pattern that has been forming for months now on the ethereum chart. So right now we are running into some short-term resistance, but in just a moment i’ll be telling you my next ethereum price targets and some important levels to pay attention to and in this video i will be covering ethereum versus bitcoin just here, because we are continuing With this massive breakout to the upside, which tells us that ethereum is outperforming bitcoin, as it historically does during bullish times in the markets, and that is not all in this video – i will be covering the eip1559 upgrade that happened two days ago. Just to give you guys a quick update on the amount of ethereum that has been burned over the last two days. All of this is incredibly bullish for ethereum in the longer term, and right now, once again i’ll be getting into my shorter term price targets. So definitely make sure you’re watching the whole video to the end, so that you’re not missing out on any of this important information and just before we jump into it, make sure to leave a like on the video down below and if you’re new to the channel.
You might as well subscribe to the channel with notifications turned on so that you’re not missing out on any of these future videos. I post these videos every single day here on the channel, so also make sure you’re sharing this with your friends as well, because right now we are in an amazing opportunity in the crypto markets and now with all of that out of the way, let’s get straight To what this video is about so right here, we’re on the ethereum to us dollar chart on the one day chart. So this is zoomed out just here to really take a look at everything. That’S happened over the past few months and once again, over the past few months, we have actually been forming this massive w pattern on the daily time frame. Once again and over the last two to three weeks approximately.
I was telling you guys about this massive w pattern, basically saying if we break this exact level just here, it’s very likely that we’re going to head straight up to this exact level just here, so the price target by the way was at around 3100 us dollars. You can even go back and look at my previous ethereum videos and right now. Of course we have met that price target of 3100, so we do have a little bit of short-term resistance in around these areas just here, but i do not expect any major resistance. A rejection from these levels would honestly most likely only be caused if bitcoin sees a rejection from the 21 week moving average, which i covered in my bitcoin video that i just posted on the channel. So after this video, if you missed out on my bitcoin video, definitely check that out, because that is important as well for you ethereum holders so yeah.
Basically, if bitcoin runs into that moving average and finds resistance, then it could be likely that ethereum could have a little bit of a short-term call-off, but especially if bitcoin breaks above that moving average, it is very likely that ethereum will continue to explode to the upside And potentially, towards the all-time high, as i tweeted out over on my twitter, if a theorem simply repeats the same game that it’s seen in the last two weeks, then that same gain from where we are right now will take the price of ethereum into a new All-Time high, we will break the all-time high if we can simply just repeat the same gain that we experienced over the past two weeks once again so yeah as you can see just here. I basically said that that is how close that we are to the brand new all-time highs. We are not very far off from new all-time highs for ethereum and the fact that the price of ethereum is now trading above this major red zone of previous resistance. Once again, taking a look at the chart back in around the end of may the second half of may 2021. As you can see, we found a lot of resistance in around that area, just there on the charts, and so the fact that ethereum is now breaking above those previous highs just there and really breaking out of this massive price range that we’ve been in over the Past couple months, this is extremely bullish and especially if we can close the daily kindle above this range, that will be the highest daily candle close.
That we’ve seen ever since the initial crash that we saw around two and a half months ago and once again, as i discussed in yesterday’s video, the last massive w pattern that we saw play out to the upside four ethereum was right back here. Roughly around four months ago give or take, we saw this huge w pattern. It started breaking out to the upside just here. We did actually see a major re-test of these levels and then, basically after that, we actually began to explode to the upside into brand new, all-time highs and once again, just a quick recap of that gain from the breakout from this w patch. Just here that was roughly around a 100 gain before the next major pullback.
So from the point of the break of this w pattern, just heat, which was at around 2.4 k once again, i covered that on the channel before we broke that level, the same 100 gain from that level. Just there would actually take us up towards around 4 800 us dollars per ethereum, so nearly five thousand dollars per ethereum. If we simply just play out what we saw last time around four months ago, but between the current price and that price target, we obviously have some levels of resistance in between those prices, for example bringing out the fibonacci retracement tool. Just here we do have the golden pocket – the 61.
fibonacci level coming in at roughly around 3.4 k. So i would actually expect a bit of short-term resistance in around that 3400 level. But if we can see a strong break above 3.4 k above three and a half thousand people take, then honestly, especially if we can use that level as support, i would actually expect ethereum to push up towards the all-time high within one month after breaking above 3.
5 k, but honestly, that is also being quite conservative, as i just discussed about ethereum’s gain over the past two weeks. If we simply see that again over the next two weeks, that would put the price of ethereum at the all-time high. So it is totally possible if ethereum is performing at its best, that we could potentially push up to the all-time high within a matter of weeks. But it’s always better to be more on the conservative side. So you’re not getting your hopes up and you’re not expecting the all-time high in just two weeks, but then, of course, if it does happen in that shorter time frame, then that is even better for all of us that have accumulated ethereum at these lower areas.
Just here, as i’ve been saying over the past two months once again, these are the prime areas to be accumulating. Ethereum and the best strategy for the beginners is simply to dollar cost average and hold for the longer term, even at the current prices. Considering the fact that we are still at a discount from the all-time high levels in the longer term, talking about six months from now talking about a few years from now, these current prices will seem very cheap compared to what’s coming next for ethereum. So, of course, do not go all in at the current prices and, of course, this price level. Just here, isn’t the perfect buying opportunity, because we have obviously experienced very bullish price action over the past two to three weeks, but especially for those that are holding zero.
Ethereum and you’re wanting to buy into ethereum you shouldn’t wait for a massive crash or anything to buy into ethereum. Once again, if you simply dollar cost averaging so basically buying a little bit right now, but not going all in and leaving some on the sidelines. So if we do see a bit more of a cool off, then you have some more on the sidelines to put in at those lower prices, but at least in that way you will secure some ethereum in the short term so that if we do continue to Pump to the upside you’re going to be rewarded for holding some ethereum at least now do keep in mind as well that on the daily charts on the rsi. Just here, we are in these very overbought areas. So we are due for at least a little bit of a short-term cool off.
Of course, we can continue to pump to the upside because, for example, we can actually stay in these overbought areas for up to a few weeks at a time as we’ve seen it previously. But just keep this in mind as well, so that if we do see a little bit more of a consolidation in around these areas, perhaps a retest of these levels of resistance coming in at roughly around 2.8k to 3k. Just don’t be surprised, and once again, if anything that would be very healthy for ethereum, that would be bullish for ethereum in the longer term, talking about the next few months for ethereum, but not only is ethereum looking bullish on the technicals just here as we are Forming a higher high and breaking out of this major range just here, we are also looking bullish, fundamentally speaking because of course we saw the ethereum improvement proposal, one five, five, nine just two days ago now i did cover that on the channel, and this is just A quick update to see how much ethereum has been burned over the last two days since that upgrade and by the way for the new viewers on the channel that want an explanation on what eip1559 actually is. Definitely check out.
My last two ethereum videos on this channel, because i did actually explain this new ethereum upgrade in more detail in those videos, so definitely check those out if you missed them, but yeah just here, as you can see, giving this a quick refresher. Actually, as you can see right here, just over the last two days, this upgrade has actually burned over 9700 ethereum, which equates to roughly around 30 million dollars worth of ethereum completely and permanently destroyed, just in the last two days alone, when you extrapolate that out over One month that turns out to be roughly around 450 million dollars worth of ethereum, so nearly half a billion dollars worth of ethereum destroyed each month. Obviously, if we’re at increased price levels, then that dollar figure is going to be much bigger, but taking a look at the actual ethereum itself, just refreshing, that’s nearly 10 000 ethereum burned in two days, so that’s roughly around 150 000 ethereum per month. That will be completely destroyed permanently, which works out to be nearly 2 million ethereum per year completely destroyed. And so obviously, this upgrade is extremely bullish for ethereum, because this is taking ethereum away from the circulating supply, making ethereum scarcer and scarcer every single day.
And so of course, this means that the inflation rate of ethereum is going to the downside, as all of this ethereum is being burned and also this is actually increasing the demand for ethereum, on top of all of the other reasons why ethereum is currently in demand, Such as d5 nfts and gaming, just to scratch the surface of ethereum, so all in all, it doesn’t really matter too much what happens in the short term, because, fundamentally speaking, ethereum is looking incredibly bullish for the longer term, as in for at least the rest of This year i expect a strong finish to the year for ethereum, but honestly ethereum is something that i’m going to be holding for many years from now, and i do actually expect within the next one to two years max. Once again, this has been conservative. I expect, within the next one to two years, the price of a theorem pushing well above ten thousand dollars per ethereum, potentially as high as twenty thousand dollars per ethereum within the next one to two years, once again, now quickly checking out the ethereum versus bitcoin charges. Here, as you can see, ethereum versus bitcoin is still in this massive breakout as expected. Once again, if you’re on the channel roughly around a week ago, i was letting you all know that i was actually about to move some bitcoin into ethereum.
In anticipation of this move to the upside, and then i made a follow-up video just the next day on the channel telling you that i did make that move, i did move some of my bitcoin into ethereum right at this yellow line just here as well. Breaking this yellow line, because basically i was predicting that ethereum versus bitcoin is going to be heading to the upside here in the short term, and once again, that is playing out pretty nicely so far right now, we are actually pushing above this high just here coming In at roughly around 0.07 bitcoin per ethereum, so the next major price target for ethereum versus bitcoin is the next high just here coming in at roughly around 0.077 bitcoin per ethereum. So from the current valuations that is still roughly around an eight to nine percent.
Push for ethereum versus bitcoin here to the next price target and up to this high just here that is still roughly around a 15 move for ethereum versus bitcoin, but keep in mind this is ethereum valued against bitcoin for the beginners out there. That means, if ethereum is making it up to those highest they’re 15 pump. Ethereum is gaining 15 on whatever bitcoins gaining. So if bitcoins pushing to the upside, then ethereum against the us dollar will be making 15 more gains than what bitcoin is making against the us dollar. And so that’s why i did actually make that move roughly around a week ago from bitcoin to ethereum and right now, i’m simply just holding my current positions as they are and, historically speaking, when the market is bullish, when the crypto market as a whole is looking Bullish ethereum, usually outperforms bitcoin during bullish markets and then during bearish markets, ethereum underperforms.
So, basically, when we are in a more bearish time period, that’s when we see ethereum versus bitcoin heading to the downside once again so right here, i do actually expect ethereum to continue to the upside, especially if bitcoin can break about that 21 week, moving average. As i discussed in my bitcoin video and by the way, if you’re wondering how i actually trade these moves, i did actually move some of my bitcoin into ethereum. Using my blockfly account. You’Ll find a link to block fight in the description down below. If you want to check it out and then for all of my other bitcoin and ethereum trades, i do use the buy bit exchange.
I have a link to that in the description down below if you want to check it out, but just a word of warning. I do not recommend leveraged trading for the beginners out there, because that is actually a very risky strategy, so the only people that should be leveraged trading are the more experienced investors in these markets. The more experienced traders once again, as i always mentioned in these videos, the best strategy for the beginners out there is simply to dollar cost average and hold for the long term keep a long-term perspective. But anyway, that’s just about everything i have to say for this. Video, i hope you enjoyed it and if you did make sure to leave a like on the video down below and if you’re new to the channel make sure to subscribe to the channel for more videos like this one.