Episode Summary

Can Ethereum reach an ATH by the end of 2021?

Twitter's effect on NFTs.

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

Crypto Heat Map

Subscribe to our Benzinga Crypto Youtube Channel

Subscribe to Moon or Bust Podcast

Past Episodes of Daily Crypto

Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript:

Hey everybody. Happy Tuesday. My name is Joe Dewitt, and this is crypto breakdown. Today. I'm going to do something a little different and just go into a little bit of market sentiment and how I feel about each of these coins.

Taking a look over at. Overall market sentiment continues to stay strong. Price has accumulated some higher lows over the last few months here. And I talk a Bitcoin within the news and all of social media has ever been increasing Bitcoin breaking all time highs a few weeks ago, absolutely helped out with that.

And it does look like we could be heading back towards that area. And no time for Bitcoin, the best case here for Bitcoin would be this 58,000 level that we've been mentioning for quite some time. And that is. Switching between support and resistance, which is currently acting as resistance to flip as support when price gets a above and then a Bitcoin will be battling for that 58,000 up towards that all time high area, taking a look over at a theorem.

Ethereum price continues to stay really strong prices up six and a half percent on the day. And something I really enjoy looking at with a theorem is how well it holds the 50 day moving average. Just a reminder out there. If you are unfamiliar with the moving average, it is just 58 days. Price plotted an average.

So it shows you a good support and resistance level. And Ethereum likes to hold that as a crucial level of support. It was testing it for a few days this week and the last three days, it has cleared that 50 day moving average hopping above that 4,300. To my eye, Ethereum looks like it is approaching all time high.

It is very close. And it looks like it has the buying pressure to just rip right through. This will be very interesting to see how this Ethereum plays out. I would expect here potentially a little bit of consolidation as we get to that all time high area. And depending on the volume coming in, we could push right above it, or it could be a slight retest, but I'll tell you one thing I know it is not going to get below 4,000 any time soon and taking a look over at dose.

Those coin is looking the least appetizing of the three, although it has been accumulating a little bit of a macro descending wedge, which should be a very large wedge here where price is losing momentum. Now, the reason wedges like this. Considered a, an opportunity for a bullish breakout would be because price is losing momentum and the downwards direction.

So theoretically price is looking to hit a reversal. Those coin here too, on the RSI, which is a relative strength index is very low sitting at about 43%, which means that it is 43% over sold. There will be a bit of buying pressure here on dose coin. I would say realistically for dose coin, the best scenario would be a little bit of buying pressure to hop above that 200 day moving average, putting price at about 26 cents and then battling for that 35 cent zone between 26 cents for a couple of weeks.

And today, guys, I'm going to talk about a little price prediction for a theorem or the new year's. So taking a look at. Everything an overall market sentiment. It's important to consider a lot of factors when determining the price of something like this. So a theorem being a layer, one solution, meaning that they are the decentralized hosts that will, that will be here for decentralized apps to be built on.

It is a very. Piece the blockchain puzzle and absolutely crucial for the development of defy. That being said, there are other layer tools out there that also offer cheaper transaction prices. But with Ethereum 2.0, rolling out around the corner which has been teased for quite some time, theoretically, that will really help the price of Ethereum.

If you're unaware of that update, that is the 2.0 a theory of fork, which will be. The transition from proof of work over to proof of stake, meaning that transactions will no longer be verified with computing power and instead they will be verified with staking pools, which will be a great environmentally sustainable option on the other hand, as well as lower transaction fees.

Another important thing to consider with Ethereum is Jack Dorsey, promoting the NFT community by he's going to verify individuals NFTs onto. Which will be very, very bullish for the community. Being able to see if someone actually has an NFT through their Twitter profile, which will be super interesting and integrated within everyday life and social media.

So that is absolutely bullish for. So getting to the price prediction. If a theory come here can climb above it's all time high putting price, right below $5,000, depending on how quickly it can get above. If it completely rips above all time high within the next few days and closes the candlestick. I think that is going to be an insanely bull sign for 3m and Ethereum is going to continue to climb for all of December.

 If that does happen, which it is at this point, looking like we are in that direction I would expect a theorem and this zone of about $6,000 by the new year. Give really modest price predictions because I'm aiming for 8,009,000, $10,000 is not going to help anyone. And an unrealistic price.

Prediction is only going to give you false hopes. So it's always good to be a better safe than sorry. On the other hand, if Ethereum does release an update about the eith 2.0 or any sort of mechanism that they're releasing that may drive up. A bit. So I could expect even 7,000 to 7,500 personally, I do not think Ethereum can get above at 7,500 by the new year, and that would push market cap to about 1 trillion.

And that's all the time we have for today. Guys, thank you so much for tuning in, make sure to follow and subscribe to our podcast. And you can follow me on Twitter, which will all be in the description below. Have a great Tuesday.

Support this podcast at — https://redcircle.com/crypto-daily/donations

Advertising Inquiries: https://redcircle.com/brands

Privacy & Opt-Out: https://redcircle.com/privacy