ETH HODLERS: I’m Getting Excited, But Please Prepare Yourself | Gareth Soloway Ethereum

ETH HODLERS: I'm Getting Excited, But Please Prepare Yourself | Gareth Soloway Ethereum

You know for me I look at the relative Strength and I think right now eth is Showing more relative strength Um the only thing again that concerns me About that would just be [Music] Hey welcome back everybody to altcoin Daily my name is Austin back again with 20-year trading veteran Gareth Solway Now Gareth we just did uh interview all About bitcoin price targets looking into 2023 so in this interview about ethereum I do encourage the audience link down Below check out that Bitcoin video first It is sort of the market mover but Gareth how you doing I'm doing well thank you thank you and And I'm focused on ethereum too because I'm excited you know as we get towards Hopefully this regulatory framework Where you know and again I always say I Always get excited about the regulator But I understand there's a lot of people Out there that are very nervous about it And rightly so you know our government Certainly hasn't been this the the the The force of good necessarily that we've Wanted them to be but I think we all Agree at this point that we need some Sort of regulatory framework so that Shadiness like FTX and others don't Occur to unsuspecting investors over and Over again so I think the bottom line is I still expect some downside on ethereum

But there are some levels that I'm Watching so let's take a quick look at The chart here and see what we have so What we can see is ethereum on the Positive side it still hasn't taken out The June lows so so just looking at Relative strength between Bitcoin and Ethereum you would actually say ethereum Is stronger than Bitcoin because of that Fact Bitcoins obviously pierced the 2 Thousand uh the the June 2022 lows we Haven't seen that on ethereum um having Said that if Bitcoin does continue lower Then you have to think ethereum Eventually will get dragged down one of The key trend lines I'm watching on Ethereum is this one now look at how Perfectly it matches to these highs this High and this high so as long as we stay Below that trend line that's going to be A level that you have to be a little Concerned about that that it's going to Continue to push ethereum lower Um what I would say to investors is Basically you have the low from June at Around 885 890 that's a level to watch If you break that level ethereum has Really no major support until it gets Down to about six hundred and fifty Dollars now at 650 I start buying quite A bit of ethereum I won't buy everything But I will start to eat basically dollar Cost average and pretty aggressively Down there with maybe the potential that

It could get it down to the lower levels Around 400 or so but suffice it to say I Remain long-term extremely bullish on Ethereum I don't think even being a Security really changes much for Ethereum other other than that their Transparency will have to increase Substantially which I think is a great Thing anyways and so again I think yes You're looking at some more downside but The end is in sight on the charts so the Mo assuming we do go lower the most Likely next Target for you is 800 and Change that's the most likely and then If we keep going it's the 600 and change In 420. yeah there definitely will be Buyers at that 885-ish level because That was where ethereum bounced from 885 Back to 2000 so Um when you're trading and basically Charts are are representations of human Emotion you're going to get a lot of People that are like oh man I remember When it bounced from 885 to 2000 I'm Getting a chance I missed it last time I'm getting a chance to re-buy so They're going to be buyers there so you Expect some sort of support or at least A small bounce there eventually if There's enough sellers it will break That level and then the next spot would Be right around 650 dollars on the chart Now the FTX hacker converted the Millions and millions of dollars of all

The cryptos into ethereum now one of the World's largest ethereum oils does that Uncertainty scare you Oh man I mean first of all this just Another just insult to injury in the Whole FTX Fiasco um yes I think it does Because the question is again you know At some point does that person just say Hey I gotta get out and it's all free Money to them right it's they hacked it They didn't really work for it they Didn't spend years accumulating it Um so they're not going to be as as Careful when they dump it so I think we Do have to be aware of that but for me It would be a very short-term disruption Right at some point yes you could see One of those big flushes if it did Happen and that was the cause and I Think we would all kind of realize that That's probably what's going on then we Would start at least I would start Nibbling and expecting a snap back and That could be honestly that could be Where the low is put in maybe when that Happens but I certainly hope that the Authorities can track down who this was And uh you know hopefully return money To investors that lost Gareth can I ask you to share one more Different chart to put you on the spot a Little bit if your game absolutely could We look at the Bitcoin versus eth chart And just look at if you're just

Comparing those two assets what's the Better buy in terms of them fluctuating Against each other All right so let me just bring that up Here let's get that on the chart I will Show you guys the chart here let me Bring it up So all right first one you have Bitcoin Here right so Bitcoin here and here's Your eth and again what's fascinating About this chart is you can see there's A lot of similarities so you can see When you're at your highs over here and Over here basically double top here eth Went a little bit higher obviously Percentage-wise you know for me I look At the relative strength and I think Right now eth is showing more relative Strength Um the only thing again that concerns me About that would just be what we just Discussed in regards to the the hacker And could that kind of throw a wrench in Your investment thesis if they were to Dump everything like that and Potentially that is a risk that you have To take into account Um again for me right now considering That eth hasn't taken out those lows and And Bitcoin has taken out the lows from June I think you go with the one that's Showing relative strength and that's Ethereum in the near term Now I would think of it as damn Bitcoin

Has held up a lot worse I'm still Bullish on both assets but I would and Correct me if I'm wrong but I would Think damn bitcoin's the better buy Because ethereum probably hasn't had That capitulation like moment yet as Opposed to bitcoin has had more cell Pressure Yeah so and in general ethereum is a Bigger mover right percentage-wise to The upside and the downside so I Understand where that comes from it's Just looking at these charts what you Look for is is why has an ethereum Broken its June low and and the answer To that is honestly there's hasn't been As many sellers in ethereum after the After the merge after what was going on There so to me that's a relative Strength signal in the near term doesn't Necessarily tell us where it'll be in Six months I mean things could change But at least in the near term if Bitcoin Starts to bounce ethereum doesn't have To fight back above that June low Bitcoin now has to right so so if we Flip back let me just show you because This is a really good point that you're Making what I want to do here is I want To hide the Bitcoin or the ethereum Chart just for a second and what you can Basically see is so you had this is your June low right and basically at this Stage we put a line in there that pivot

Low is now resistance for Bitcoin so When Bitcoin rallies let's say Bitcoin Gets up to this level it's going to have To fight through that low Ethereum doesn't have to do that so if We flip back to ethereum ethereum here Here's your low down here it doesn't Have to fight through that low now so Again this is more of a short-term kind Of Swing Traders mentality but at least In the short term ethereum would be the One that doesn't have as much resistance On the upside Gareth such great perspective links for All your stuff down below I do want to Encourage the audience Gareth I want to Have you back in four six weeks to Review some of these so if the audience Has a question I encourage you to Comment down below we'll check them for Next time but final thoughts on ethereum For altcoin daily so I think ethereum Has the aspect of of what is the Security regulation going to be we know That again basically bitcoin's the Commodity ethereum ethereum is going to Be a security but I wouldn't get too Scared I truly believe that that the There's a lot of politicians that are Big fans of crypto they know that a lot Of jobs now depend on crypto and the Ethereum network and so I do think that These these new rules whatever they will Be it will not disintegrate or decimate

The crypto markets and I actually really Do believe that this will that Information those that knowledge on the On the kind of the rules will actually Be the next Catalyst for the next big Bull run so I think what we have to do Is we have have to embrace it but hope That the rules are not an overbearing Scenario but more transparency and rules That they have to follow these companies And so forth so ethereum I love it long Term near term just be a little careful With crypto because we're not quite at The bottom yet but overall I love it Long term I do want to remind those politicians Watching right now yes I understand Regulation is inevitable but if we look At all the failures in this last year It's all been centralized Finance Nothing more centralized than Terra Luna Stablecoin nothing more centralized than FTX or 3ac Etc but compound anave holding up fine Just food for thought for those uh Politicians watching but Gareth thank You

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