The ETHEREUM Opportunity – Altcoin SEASON?

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In the aftermath of the Spot Bitcoin ETF approvals, the question rises: what is next for crypto? Mike Williams explores the next big opportunity. In this Video Mike Williams shares his technical analysis for the Ethereum Price as we tune into Q1 and Spring in 2024, which may spark a great Altcoin Season!

Disclaimer:
Please be advised that I own a diverse portfolio of cryptocurrency as I wish to remain transparent and impartial to the cryptocurrency community at all times, and therefore, the content of my media are intended FOR GENERAL INFORMATION & ENTERTAINMENT PURPOSES not financial advice. The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Purchasing cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. Past performance does not indicate future results.

#bitcoin #btcpriceprediction #trading #daytrading #profit #cryptonews #cryptotrading #crypto #cryptocurrency #bitget #gbtcprice #etf #ethereum #eigenlayer

Hello everyone and welcome to Tri laabs as usual the place to learn all about technical analysis and the financial markets and today I want to cover ethereum because in the aftermath of the Bitcoin ETF approval the Bitcoin spot ETF approval better said uh is now uh

Behind our backs we have seen a pretty big reaction on Bitcoin now naturally the the speculation is going to continue and what is next for the crypto space now naturally it would make a lot of sense for ethereum to be next because the way has been opened the the overall

Government is changing its opinion by approving all these spot Bitcoin ETFs and it only makes sense that um later on another ETF will be approved for let’s say the next big cryptocurrency currently dominant in the market which of course is ethereum a a lot of the industry Builds on ethereum as that is

The mother of all the altcoins uh ultimately nowadays we have lots of other project that are having their own blockchains Etc but in the end it really is ethereum where a lot of initial altcoins have been built on uh on that particular ecosystem now ethereum has been coping with a few problems lately

Such as the scalability of the network and while this is a little bit more fundamental it is important to touch upon that aspect as we can then also uh start reasoning our way towards the fact why ethereum has maybe not performed according to expectations over the last

Few years uh such as in the bull market um of 2020 and 2021 so what I want to do now is I want to I want to zoom in on the chart on ethereum I want to show you the correlations with Bitcoin and what we can potentially look for because

Ethereum is uh in a very crucial moment as well and can definitely um if it holds specific support it can definitely show some signs of strength and that can be uh very good for not only ethereum itself but with that also the altcoin space and the cryptocurrency market as a

Whole as uh the dust is starting to settle from the gbtc outflows and the ETF uh approval rejection on bitcoin uh going forward into the year uh so please leave a like And subscribe as we will dive straight into the chart over here uh keep in mind that these

Videos are time sensitive and um if you uh if you’re not subscribed then you will simply miss out on this crucial information uh and it will allow you to be there earlier on so let’s begin ethereum chart in front of us uh the correlation with Bitcoin is uh actually

Very prominent if we pull a Fibonacci uh from the alltime High we had a low then we put in a lower high and as we were trading into the BTF approval date we have seen very similar signs as to bitcoin over here albe it a little bit

Delayed and that what’s that is what sparks the interest in the first place to me on ethereum because it has remained strong and uh the structure remains intact we have seen quite a big rejection very similar to Bitcoin in the golden pocket seen a retracement uh piercing through the level seen a

Retracement of again 20% as you can see already very similar to bitcoin but what now is next so the structure is as follows we have seen overall over the course of 2022 and 2023 very much range-bound environments but only in the latter part of 2023 we have

Seen a significant rise and that also gave rise to a lot of different Al coins in the space this video will be uh only dedicated to ethereum and I will show you and give you some levels on what to look out for so what hasn’t happened

Before yet as we were uh being range bound we have breached these previous Highs but afterwards we have fell through down below and continued uh to be range bound but now we have seen actually uh some price action outside of this range and we have now stayed there

For a total of two months almost so that is a significant change in the overall sentiment based off of the data that I’m seeing over here and that um Sparks some interest for me personally to explore this asset a little bit further so the key level that I’m eyeing over here is

More of a region but this is more uh this is more like a key level right which has to hold which is 2118 $2,118 as long as we stay above this level I am classing this latest rise as the beginning of a new trend where I’m

Open to a back test even a small breach below maybe into this particular section um and as long as we hover there or stay there for a little while uh I’m completely fine with that and that could set us up for another jab at the highs

On ethereum and of course with that that would uh be some good news for the overall cryptocurrency space as we know by now if ethereum goes up usually a lot of altcoins are also going up uh consecutively uh in line with the rise of ethereum so basically for me this is

One of the most important key levels and as you can see we have seen a big retracement currently locally we are in a downtrend but since then we are changing slowly but surely we are changing that that structure once again again and more importantly we are staying above this

2,118 uh level so as I mentioned before I am completely fine with another drop to the downside as that for me personally would provide another uh opportunity keep in mind this video is for educational purposes not uh Financial or investment advice I’m just telling you how I am thinking about the

Market and what I am open uh to do if and when price reaches levels of interest to me and this is such a level of interest to me after a 20% retracement uh what struck me particularly is that we still ultimately held up the larger the larger structure

Over here as you can see alarms are going on uh because that is what I do I trade each and every single day this is an alarm on bitcoin but for now we’re focusing on ethereum as we get to the conclusion of um of of its importance

Here so so what struck me here in particular is that even though we’ve seen a 20% drop to the downside we are holding structure and we are now starting to bounce on ethereum which Sparks interest for me and as long as this support level or better said this

Support region is holding its ground then uh I would say it is likely that we can see definitely more upside on ethereum and that could be tremendous opportunity because the difference between this price action as well as you might have noticed is that this has not been a global global Fibonacci uh

Retracement pool right it is just an in between pool nonetheless gave a really big 20% correction But ultimately the real big resistance above us should we actually hold this support and see another increase in price then I would say we might actually see very similar price action to bitcoin uh as we are

Traversing to its overall golden pocket set here at $3500 more or less once again with this High very similar to bitcoin and uh I’m very open for an increase in price from there on out so I repeat here as long as we hold that particular key level I’m

Classing this as an potential uptrend it’s not confirmed yet for that to happen we do need to reclaim this high at uh 2750 over here uh and then we could easily make our way as there is not that much resistance above us all the way to

3500 now should we lose the level then ultimately I’m going to have to class this as yet another fake out and ethereum is still range bound ultimately now the other the last clue that I have here is we have to take a look at the underlying strength of ethereum itself

Which is based on the Bitcoin chart and what is interesting to me over here is we have seen a really big accumulation area over here over twoyear long lasting range over here based from starting from 2018 all the way to 2021 and that is when we have broken out we’ve back

Tested some levels over here and we’ve seen another rotation to the downside and then during the entirety of 2022 we’ve just been drizzling and drizzling drizzling down giving us this potential reaccumulation range over here with a little bit of a fake out to the downside

And as you can see another fake out to the down to the downside here as well but we have taken out these lows and we have seen a really big reaction from that now it remains yet to be seen whether we are going to have another jab

At these lows but potentially we could have now a star retracement before having another trust to the upside if that happens then it will um be visible in the usdt chart as well so for me these charts are very heavily correlated if the Bitcoin pair shows strong price

Action then naturally the usdt pair will also um correspond to that heavily right so um that is what I had to share with you on ethereum and um hopefully this has been helpful to you I just wanted to give you a small heads up over here we

Are early here on this uh on this chart in my opinion uh but uh you know it is my job it gives me that fulfillment uh to be there early and sketch out possible scenarios that might occur in ethereum as we are tuning into a really

Big year with the Bitcoin halving on the horizon and the American elections and with that uh I think this is going to be a great year and not only in Bitcoin is going to be a great year but in the cryptocurrency space alt together hence the reason why I’m covering ethereum

Here right now uh and spotting and scouting some potential opportunities I repeat here this is early uh but in at least I’m leaving you behind with some important key levels where we can judge that strength and we where we can judge that weakness and uh what how to go from

Here on out so where on bitcoin we have broken that structure ethereum has seen the drop but failed to break structure to the downside and therefore there is still opportunity on this particular asset and I will repeat I’m okay with dropping slightly below this level but I

Would say if we stay here for a longer time and we actually also lose let’s say 1900 then um I’m I’m more inclined to think that this is a range bound piece of price action and um it is not the time yet uh for ethereum to rise uh but

That will be covered obviously in a in a later video now I will be uh trading ethereum uh I will be tuning into day trading ethereum now as well now that I’ve done my analysis I’ve made up my mind on what I think is the most likely

To happen next uh I am trading um these assets I’m trading altcoins and ethereum on my main exchanges over here uh on bitg and I am trading that on two bit if you want to benefit from some discounts over there uh then check out the link in the description below in this YouTube

Video and you will be uh able to benefit from some discounts on your fees which can help you tremendously saving up on some costs as you are also making your way in day trading thank you for watching and take care and see you in the next one