Are You Paying Attention To ETH Yet?

[00:00:00]Ethereum continues to push up even after the pullback that we saw on Thursday and Friday last week. That was basically a 6% pullback from 1921 down 1,800.

[00:00:10]Ethereum has reclaimed all that move from the weekend, Saturday, Sunday, Monday, a nice close. And then here today, Tuesday, we're already up over 1%. Is Ethereum actually going to tag $2,000? And what about after it hits that level? Let's talk about that today here on Coin Beer Trading. What's up? My name is Aaron Der from the Better Traders. You're watching Coin Beer Trading. Hit the subscribe button, like this video, leave a comment with what you're learning or what you're taking away from this video. Let's go. Now, I've said it before, I'll say it again.

[00:00:41]I think Ethereum is destined to tag $2,000 for lots of reasons. For starters, the TBL slow line, which is the slowest of the four moving averages that comprise of this indicator up here, the trending breakout indicator. It's basically plotting right at $217.

[00:00:59]Another level of obvious resistance/sup support is right about here at 2008. Uh where there's previous support/resistance.

[00:01:08]We have that converging. We also have on the weekly time frame the weekly fast line which is a huge shortterm target is at 2030. It's a little bit higher to be honest. It's another 5% higher but you have to think how far have we come so far this month from the start of the month at about 1570. We are up on Ethereum 22%. So moving up another 6 7% to tag that fast line would be a very sweet way to end the month of July.

[00:01:40]Zooming out even farther and looking at other things like our short-term fib levels, we are back at the 0.5 Fibonacci retracement level. Not as significant as the 0.618, but it is a level of resistance. And I'm guessing that once we can close above the 0.5 fib level, then we're going to see a quick little trip up to $2,000, maybe even going above it. But here's the thing. If we look at other levels of support and resistance from Fibonacci levels, there is a significant cluster of levels that we need to be very very very mindful of.

[00:02:19]Yes, shortterm we're right there at 1926, but as soon as we get close to about $2,000, there is a range of resistance from about $2,000 to about $2,100.

[00:02:31]That's extremely significant. that we can't afford to ignore. I don't think Ethereum is going to be knocking that much higher above these levels. And again, I want to remind you that because whenever we see the chart go to the top of the cloud, that is a an exit opportunity.

[00:02:52]So, not only is Fibonacci reminding us yet again the 2000 level is a great area or great price range to scale out, RSI yet again is going overbought.

[00:03:02]And if we see a higher high on the chart with a lower high on RSI, that will be bearish divergence, which essentially happens when we see a lower high for RSI and a higher high on the chart, which if we see Ethereum go to 2,000 bucks, that's definitely going to fit the bill.

[00:03:21]Now, is it still pretty bullish?

[00:03:25]Yeah, kind of. Sort of. But the other thing to remember is what I been warning you guys about literally for weeks. And that thing is happening right now.

[00:03:33]Ethereum dominance is also climbing higher. We saw it peak on Wednesday last week at 10.52%. It retreated back inside of the cloud and now it's back above again. Not only that, ETH.D's RSI closed on Monday at 70.39 and it's moving up again. Now, this is not precise technical analysis, but it works really well. And this is what I call a spaghetti support line. It's not a hard and fixed and fast and straight support level like this would be. This is more of just a squiggly little noodle. Or for me in Japan, it's a spaghetti ramen, but whatever. Or nomen support. Spaghetti ramen doesn't even make sense at all.

[00:04:18][gasps] So, here's the thing. Notice how RSI just keeps putting in incrementally higher lows on every single pullback.

[00:04:27]You know what's going to happen the moment that we see this next push up?

[00:04:31]Probably going to be corresponding to about $2,000 per Ethereum. We're going to see RSI putting at a lower high and we're going to see RSI fall below spaghetti support and falling below overbought territory above 70 and putting in a lower local low. Once this happens, once we see RSI drop below even just this most recent one from Friday last week on the 17th at 6136, that will be a major break in this bullish uptrend because no longer do we have higher lows. Now we have a break in structure. And this works so well, scarily well. The same thing can be applied over here as well to Ethereum's chart. Yes, I already mentioned before bearish divergence, but notice same thing is happening. Kind of have this little spaghetti support thing going on.

[00:05:26]The moment that we break this support level and we drop below this quote unquote support range around 56 or so, that will be a pretty big event that most likely coincides with the end the beginning of the end of the rally. Now, there's one thing you've got to learn about RSI and price action. Once we start to see RSI going overbought, what we need to be paying attention to is this. See back over here, back over here in April, we saw RSI go overbought multiple times here on April 7th, right here on April 11th, here on the 13th, and again on the 17th. Now, if we look at RSI itself, you can see that we're seeing lower highs over and over, and we're seeing lower lows over and over.

[00:06:16]We saw weakness forming on RSI for quite some time before the price actually started to roll over. And the same thing could happen. We could see a quick little pop up to $2,000, a little bit of a pullback, maybe a little bit higher.

[00:06:31]And those are the opportunities that we want to identify and watch out for because the moment that starts to happen, which really it started to happen right here, we had multiple chances to enter short positions on Ethereum around $2,400, which is where I entered my previous short that ended beautifully. Thank you for asking because that was a massive drop from 2377 all the way down here to $1,500.

[00:07:00]A lot of people think that Ethereum is done dumping. And I actually don't think that we're done. And there are a lot of really good reasons why I don't think Ethereum is done dumping. Neither do I think Bitcoin is done dumping. But before I get to that, go to the description down below. Check out the pin comment. Check out all the links that we have available. Namely, this one here for Tubbit where you can sign up and trade to earn over $15,000 in rewards. Also, there's a campaign right now where you can start trading with zero fees, which is awesome. This will save you some cash, especially if you have a larger account. Also, go to coinbureau.com.

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[00:08:05]So, the reason why I don't foresee Ethereum just magically shooting up higher is a pretty easy explanation to make, and it all starts with Bitcoin.

[00:08:16]But I I actually want to start first on the weekly time frame here for Ethereum.

[00:08:22]We know that Ethereum has been pretty boring. This has been a very very very bad market cycle. Um we saw Ethereum bottom out in June at $889 after falling a staggering 82% from its previous November 2021 high. A lot of people seem to think that Ethereum's high is in because here's our now all-time high at 4956. Couldn't even crack above 5K. Ethereum has only fallen 69%.

[00:08:55]Well, let's just give it a couple of percent. So, we're looking at 82% draw down back in 2022 and 70% draw down in 2026.

[00:09:06]The interesting thing about bounces like this is that a lot of people get caught up in the bounce, which is why it's called a bull trap. If we go back over here to 2022, lo and behold, not only did we see a pretty amazing drop because of all the contagion that happened in crypto at the beginning of July, we actually saw a pretty good close for July, 58%.

[00:09:35]It even moved up even higher into the beginning of of August, 89%.

[00:09:41]Unfortunately, the bare market wasn't done. And even though it still felt good, there were pullbacks and we bounced. Guess what? Ethereum gave away all of its gains.

[00:09:55]Holding a position for 126 days gave you nothing. Now, do we see the same situation happening today?

[00:10:08]Kind of. And the reason why I say kind of is because we are getting a good July bounce. So far, July's bounce has been about 22%.

[00:10:17]But in terms of draw down, oh no, no, no, no. This isn't enough. 70% is not enough. I still believe that Ethereum will most likely drop down here to about $1,73.

[00:10:30]I think that's a good target. That's a 78% draw down. Well, let's just be generous and say $1,100. It's like a 76% draw down. That is a believable pullback. And the reason why we want Bitcoin to sorry, Bitcoin, Ethereum to pull back even farther is because the deeper it drops, the better of an entry we can get for a long-term payoff reward. But considering Ethereum's subpar performance from the bottom in 2022 to the runup in 2025, its top year performance, it's really bad.

[00:11:07]I'm personally not very excited about Ethereum long term. Too many politics, too many devs leaving the ETH foundation, all the fun stuff that's been happening there. And I'm sure that Vitalic and his council members and everyone behind Ethereum will find good things to do to improve about Ethereum.

[00:11:30]But it's all about time. You can't actually go back in time to fix things that were already broken. already inefficient. And the problem is that Ethereum has unfortunately been spinning its wheels ever since here from June 2022 to this run up here about 91 days or 6 sorry 91 weeks 637 bars from the middle of 2022 to almost the middle of 2024.

[00:12:01]It just recovered like the rest of the market, but it didn't necessarily innovate. And during this time, mindshare was stolen from Ethereum. We had other runners. We had other charts.

[00:12:11]We had other narratives during this time. And Ethereum just kind of got left in the dust. And ever since that move, like that was basically it. That move to $4,000. And then what happened after that? Chip chop all the way down 66%.

[00:12:26]Now, I know that this cycle has been very different and that's very very odd behavior for a chart during a a rally year, but the fact that Ethereum fell this much during a rally year in itself screams weakness, screams that there's something not right. And better yet, if you think about market mechanics, it's actually pointing to the fact that the market believes that it's overpriced.

[00:12:53]Now, it rallied with everything else after the tariff fears were quenched uh back over here in May. And yes, it had a stupendous rally up 211%, but I mean, it didn't even crack above $5,000.

[00:13:08]So, Ethereum dropping down to we'll just say like $1,100.

[00:13:14]It would be great to see that happen.

[00:13:16]and seeing that happen. Yes, going to the now all-time high, that'll be a potentially return of like 350%.

[00:13:24]Which is good.

[00:13:26]But as far as like long-term potential, I mean, Ethereum really already had its time in the sun back in 2020 and 2021 because of ETH 2.0 0 staking because of NFTTS which were all on the Ethereum network and it saw a glorious pump from sub $100 all the way up to $4,000 like an incredible runup.

[00:13:52]The unfortunate truth is that if Ethereum cannot find a way to attract more people to the network, well, yes, it's in the number two market cap spot now.

[00:14:05]But if things don't change for Ethereum, if the founders can't figure out a better way to make it cheaper, faster, better, harder, stronger, I have a hard time seeing a reason why Ethereum would go up more and more. And I know that a lot of people are going to argue with me saying, "Well, look at the TVL. So what? Well, look at how many people are using it for DeFi. What about the other protocols that are cheaper, faster, better, harder, stronger? Well, there's so much more money behind it.

[00:14:31]The market cap's larger."

[00:14:33]And like we've seen charts go in and out of the top 10 like it's an In-N-Out Burger drive-thru. It doesn't really mean anything. Bitcoin is the only one that has remained number one. I think that's never going to change. But the number two spot, I think, is still up for grabs. So, if you're really into Ethereum and you're really feeling the pinch right now, re-watch this video a couple of times to understand why I think scaling out around $2,000 would make a lot of sense. And even if you don't think that it's going to stop there, at least consider taking a little bit of profit or at least analyze yourself. Why aren't you going to take profit? because we're still in a bare market year and Bitcoin can still fall down to 49,000 even down to $38,555.

[00:15:20]So, if you're really bullish on Ethereum, I think it would make way more sense to wait on another dip from Bitcoin, which would push Ethereum much deeper below $1,500 down towards $1,100. And that would be the best place to possibly accumulate and have a long-term position in ETH.

[00:15:41]Now, I know a lot of people are going to disagree with me, and that's totally fine. Feel free to disagree. That's okay. And I'm going to entertain a lot of your comments and responses down below. But again, are you just reciting a bunch of the garbage that you've been fed by the market, from the white paper, from all the metrics that are shared out there? Because the reality is that the chart tells the story every single time.

[00:16:04]And Ethereum's chart is not painting a pretty picture. Now, I did mention some really drastic and pretty strikingly bearish targets for Bitcoin. I need you to watch this video to understand why I think BTC is actually going to be going lower, maybe even starting by August 1. Not going to lie. So, watch this. Until the next time you have to do, stay awesome and stay in the green. This.