ETHEREUM (ETH) & ALTCOINS OUTLOOK 2024

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Hey everyone what is going on welcome back here at Young and investing for those who are new to the channel my name is Quinton and if you’re new here make sure to be subscribed to stay updated with everything crypto related also please give this video a thumbs up if

You liked it if you found it interesting in this video we’re going to talk about ethereum we’re going to talk about the Outlook the potential price that it can hit in 2024 I already did this Outlook SL prediction for Bitcoin for 2024 so please go check that out as well if you

Haven’t watched it yet um but we’re also going to have a quick U talk about Bitcoin here in this video as well where I’m going to mention what I said in that video so without further Ado let’s dive into it and first let’s have a look at the ethereum dominance and for that

We’re here at coin gecko at the dominance chart and we see that ethereum started gaining a lot of dominance back in February 2017 Bitcoin was at 86% Dom dominance then ethereum at 5% dominance and ethereum um really Rose a lot in dominance and Bitcoin fell off a cliff

As you can see right here the purple one is ethereum the blue one is Bitcoin so Bitcoin went from 8 6% towards um as low as 36 I think even it was at some point and um and ethereum actually went from 5% to above 30% so at some point it was

Very close of this meme thing the flippening that is that ethereum would overtake Bitcoin of this meme thing becoming a reality but since that time you can see that um ethereum has not reached 30% anymore has been hovering around here even in the bare market

After that at 7% um to a high here again in the last bull market in 2021 of 20% just over 20% So currently it’s sitting at 15% as you can see right here ethereum 15% but if we have a look at the the others then we see that actually

Ethereum dominance is going down and the others dominance so um except for the ones that are here um on the charts they’re actually going up so very interesting thing is that ethereum is losing dominance While others are uh gaining dominance the rest of the altcoin market that’s very uh very um

Remarkable to see actually because normally this goes hand in hand now let’s have a look at the ethereum usdt chart before we’re going to have a look at the ethereum Bitcoin chart and the Bitcoin dominance because I think that’s also important to mention but here ethereum usdt chart looks really really

Nice so we had this ascending triangle that means that we have the same high here like a resistance line at 2,150 and we have like um higher lows here consistently with a support level so it has been in this ending triangle for 1 and A2 years since May May 2022

And then broke out here in the beginning of this month in December uh 2023 so as you can see here that this was a really nice breakout textbook breakout so we break out out of this ascending triangle then we push above it and retest the previous resistance and turn that into

Support that was successful so right now it looks like ethereum is gearing up so what is next in the beginning of next year in my opinion I think like a bigger push towards um this level more or less right here then a correction going into the months before the haling which is in

April um 20 uh 24 and then I think after the Hing or during the haling I think we’re going to have a push here towards 3,000 um another uh correction here U maybe like um a a market-wide correction because after the Hing maybe it’s a sell

The news event that is very likely to happen another push up towards the end of the second part of the year and I personally think that we will come close to previous all-time high here at the end of the year that’s by the way also what I said about Bitcoin so I think

Bitcoin will see a new all-time high next year break above its previous one at 69,000 but in case of ethereum it has to have some kind of uh good news coming up I think some hype creating because currently there is no talking about ethereum everyone’s talking about the

Spal Bitcoin F and everyone’s talking about Solana that is doing really really well the 10x in the past year even so everyone’s talking about that but there is some very interesting stuff happening right now and that is that there are some applications for spot etherum ETFs

On the table of the SEC as well and I think this can create like a new huge hype for ethereum but I don’t expect this to happen in the beginning of next year because also the deadlines of these ETFs can be at the end of the year but I

Think more and more applications will come in and probably ethereum is next in line after Bitcoin and probably Bitcoin will have it its ETF in the beginning of next year but ethereum probably needs to wait until 2025 but that doesn’t mean that at the end or last quarter of 2024

That this hype already starts gearing up just as we saw for Bitcoin right now there’s also no ETF yet probably comes in the next few months but we already had months of new hype for Bitcoin for that event to happen so this can really support the case for ethereum to reach a

New all-time high next year I’m more convinced I think that’s important to mention I’m more convinced that Bitcoin will see new alltime high next year second half of next year probably then I am convinced of ethereum seeing a new all-time high because um the momentum is for Bitcoin right now ethereum has not

Been doing really well this year compared to bitcoin and other altcoins it underperformed Bitcoin while other altcoins outperform Bitcoin so I think that’s a very important factor but I personally think we will come close to alltime high maybe even break it depending on the hype for probably a

Potential ETF this will probably be the most important narrative that can happen for ethereum but anyway I think this is going to be very bullish here for ethereum regardless of it’s going if it’s going to outperform bitcoin or not so I think alltime Highs are on the table depending on some factors now

Before we go to talk about the ethereum Bitcoin chart and the Bitcoin dominance um I want to say that this is the last few days of this giveaway that I’m hosting together with buybits so you can win an iPhone 15 Pro Apple watch iPad Pro airpods Macs Etc and more for that

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Bonus so make sure to participate and join my affiliate team now let’s have a look at ethereum Bitcoin uh already what we talked about guys so um it has been in this range here of between uh 005 and 08 for um two years two years and a half

Already but in the past half a year ethereum lost this middle um level here at 064 retested that actually a bearish retest and it went all the way back to the range lows of 05 even dipped a bit under that at some some point here um at

Uh yeah actually a few days ago this was but since that time it’s bounced off really well so we’re at the range lows right now so you would actually expect that we go at least back towards um this middle level here in the next few months

So that is also what I am watching what we will do from there uh I’m not too sure personally I think we will break above that and hover around a little bit uh like this going into the rest of of 2024 and maybe towards the end if again

If we have this um this hype for a potential ethereum spot ETF then we can go back toward the range highs I don’t expect this Range High to be broken anyway regardless of what will happen next year because there’s still a long way to go for ethereum to go here and I

Think we will also not break it from the very first try because it will have been a long time since we have tested it so this will be in December 2024 the last test was here in September 2022 so it will still in my opinion act as strong

Resistance and I think we won’t break that immediately so this is what I think is in the ethereum Bitcoin chart so anyway I think ethereum will outperform Bitcoin but it still needs to catch up a little bit for uh to actually catch up with the uh price action of the usdt

Pair compared to bitcoin because Bitcoin is um still closer towards previous all-time high than ethereum is so there is some catching up to do for ethereum anyway but I think this is in the chart that there will at least be some catching up towards this middle level here so an outperformance compared to

Bitcoin now last thing I want to mention is the Bitcoin dominance because this also gives you like a clear view for the altcoins by the way um the ethereum Bitcoin chart is also one to keep an eye on if you want to estimate what the other altcoins will do because normally

Ethereum is leading the way for other altcoins this has not been the case in the past few months um because altcoins just bumped on their own and Bitcoin outperformed ethereum so ethereum was just lagging so they did this on their own that is a new thing that we haven’t

Seen this uh quite often in the past but this is the Bitcoin dominance and I think this is even a better one to keep an eye on because this includes all the other altcoins for example Solana as well which is gaining a lot of dominance

Right now as well so you see that uh Bitcoin is Bitcoin dominance sorry is still in an uptrend so we’re already in this uptrend since April but it looks like uh right now is a crucial time to make a decision for the for the next few

Uh months so are we going to see an ETF for Bitcoin and probably all eyes are going to be on bitcoin and the Bitcoin dominance will go up maybe towards this level we still haven’t tested this I think it’s a very important one um so maybe towards this level in the next few

Months also the Hing is coming up then with a potential Bitcoin ETF it can be that it’s going to be a bit silent around altcoins at least not outperforming Bitcoin I think they will go up in USD value anyway and another scenario is that Bitcoin will fall under

This uptrend line This Bitcoin dominance sorry um and then retest this bearish retest and go towards this pocket level that would mean that altcoins outperform bit coin in the next few months I think that is possible given the fact that uh we see ethereum bouncing off this

Support level compared to bitcoin um and I think it’s on its way towards this middle level at 0 um 64 so I think this is a very likely scenario more actually than the the bounce up but there is a case to make for that as well because of the Bitcoin

ETF the halving so the ice will be on bitcoin so potentially we will see this or this um but I think in the in the rest of the year overall I think Bitcoin will go down so regardless of this is going to happen first or not but if we

Talk about 2024 in general then I think uh Bitcoin dominance will go down throughout the year um because I think there’s a lot of things happening um right now and also of course because ethereum is here at this level um the ethereum Bitcoin pair is at this level I

Think we can see ethereum um outperforming Bitcoin and I think that alone already will uh will drop the Bitcoin dominance so maybe we will even go towards this level of 44% um in the next year or so so something like something like this rather um regardless of what will happen

In the short term um because it’s possible in the first few months of 2024 that the ice will be on bitcoin but I think after the haling in any case I think altcoins will start outperforming bit Bitcoin so that is my Outlook guys for ethereum and also a little bit for

Uh for altcoins in 2024 I hope you enjoy the video please if so give it a like and if you’re new to the channel make sure to be subscribed and then I see you in the next one cheers bye-bye