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The ethereum rainbow chart is giving us Some very bullish numbers for 2024 so in This video we're going to cover these Predictions as well as give you my Ethereum price prediction for this Upcoming bull run all right let's dive Right into it everybody after threading Above the $3,000 Mark for most of the Year and even briefly surpassing $4,000 Ethereum has been hit by recent drawback As its price fell below 3,000 bucks just Earlier last week now if you can see Right here in the charts we're looking At the 4H hour on ethereum and you can See we were in a nice little range and Then we fell below and now the Bears Look like they're in control even Knocking us down below a second time but When you go into the daily you can see We never actually closed a daily below We only Wick so we're still technically Within this range now we did lose Support here you can see this yellow Line this started all the way back until October 2023 you can see that we bounced Off of it in January you can see that we Bounced off of it in May and then we Finally crashed below and now now it is Actually acting as resistance actually Suppressing ethereum's price as we speak So let's go back into this article here They got some insane price predictions Now despite this eth is in the green so Far for 2024 it is still up 30% year-to
Date folks the best is ahead of us Ethereum might have some fireworks in Its near term the ethereum rainbow chart Which employs a logarithmic growth curve To reflect the sentiment across Different price points can provide Essential insights into its future Movements here now this is the ethereum Rainbow chart and you can see last cycle We didn't even get into the parabolic Mania Zone this cycle well I'm Predicting probably going to look kind Of similar I don't know if we're going To be able to touch the top like we did About six seven years ago now when it Comes to the price prediction though They're giving us a price prediction for The end of the year now the rainbow Chart is looking at the Historical Performance within the context of Marcus Sentiment and gives us a little bit of Foresight into the price here now if we Drop below $1,000 by the end of this Year the bull market is over the crypto Winner is here that's almost a zero% Chance now obviously nothing 0% chance But to me very very low odds that Happens now conversely trading above Almost $9,000 would indicate ethereum is Entering the bubble territory with Consistent closes above 12,000 almost Confirming an impending major correction So if we get in this 9 to 12K range That's when you're expecting a huge huge
Market correction to the downside but We're in what I would say the Huddle Zone the the safe zone right now it's Shown we're most stable if we remain Within this Zone this is going to be Around $2,900 to $4,200 it would still be relatively Stable between $42 and $6,000 that is The flippening range although you should Remain cautious now let's get into the Charts here this is something really Really bullish this is what I would call The pree ETF pump uh big shout out to Fless uh for finding this one now this Is on the left side Bitcoin right before The approval now this is uh these Candles right here right around the ETF Approval and you can see look at the Similarities to this to this right here Now the red pink lines this is Bitcoin Overlaid and it is almost a one for one Match potentially setting up a pree ETF Pump so this is the pre Bitcoin ETF pump Are we right now in the pree ETF pump The charts looking very very s folks now We also have a trend line that is kind Of stopping us and now ethereum does Want the bullish breakout now you can See we do want a bullish breakout they Had a rejection at the red trend line But the pullback was very weak this is Important you know the pullbacks looking A little bit stronger finding that Strong support that we hit in the past
And now you know maybe uh you know Coiling and getting higher and higher Pushing against the ceiling and you can See that's when we Wicked above that's When we Wicked below we're getting Closer and closer to breaking through to The upside but what happens if we break Through to the upside folks well this is The parallel channel that we need to get Out of and I would expect maybe Something similar to this pump that we Saw right there we ended up seeing a Very very quick about 40% pump in about Two weeks so if we were to get a 40% Pump from the bottoms that's putting us Right under a $4,000 ethereum which Ethereum does like to you know maybe uh Reject off those zones and done in the Past might do it again and then if uh You know we do come in right around that R range it's going to give us you know Maybe a pretty good trend line right Here so know maybe uh right around this $38 $3,900 is where I expect uh you know Some first resistance now into the Charts there's something else I really Need to show you and that's going to be The Fibonacci Fibonacci is looking quite Quite bullish everybody now we take the Swing High all the way down to the swing Low and you notice that we've been Trading and respecting these ranges Quite well we bounced off the 0.5 and
Last time we used 0.5 as support pretty Quick uh movement to the upside so you Know if we can sustain the support I Predict you know if uh we don't breach At the 786 going all the way back up you Know getting close to that $3,900 range But if it does break to the downside you Know I would expect a lot of support Around this $2500 range not only is it You know a good psychological level but It's also bouncing right off the 382 Right there but I said I would give you My ethereum price prediction for this Cycle well to determine that we're going To be using Bitcoin and the Bitcoin eth Trading pair now this is the eth Bitcoin Trading pair here and this is the value Of ethereum compared to bitcoin you can See at one point uh we were you know Flirting around this 8% range at one Point even as high as 15% of one Bitcoin Where each ethereum equaled 15% well This is a little bit of a trend line Move into the downside but I'm not too Worried about it because we did print Some bullish Divergence so we can see The RSI moving up as the price of eth Compared to bitcoin was moving down Signaling to me we're going to break Above this trend line to the downside so If we break above the trend line where Does d expect us to stop that's going to Be this point of control right here and This is how we're going to determine
East price for this upcoming Bull Run Within this little range here you can See you know we bounced to as high as Right under 9% uh you know right there Around 8% so about 8 to 9% so I I found A little range in the middle uh you know 8 point something there and we're going To use this to determine the price so I Pulled this up if Bitcoin hits $120,000 and E percentage of Bitcoin Equals about 8362 that's about where we Hit last time you see that's about Roughly where we went last time so if we Hit roughly about 88 and a half% with $120,000 Bitcoin that gives us a $10,000 ethereum but this is where it Gets really crazy folks imagine we hit Let's just say 200 maybe too bullish so We'll say $180,000 Bitcoin well folks that gives Us a $115,000 ethereum but what is my actual Target I think we're going to hit around 140 when we have that e uh equaling About 88 and a half% and that gives us An $11,000 ethereum so that is dz's high Side Target for ethereum I don't know if We can break through the psychological Level of 10,000 but this is my bull case Target to the upside a little bit below $112,000 for each each ether I would Love to see a $12,000 ethereum if you Would love to see that as well make sure
You hit that like button and hopefully I'll see you in your diamond handed Ethereum bags at the top
