Ethereum Support Sets Up For 12k (CRYPTO Profit Train Leaving the Station)

choo choo all aboard the eth express since the release of eip1559 there has been gaining some serious steam with over 166 000 eath already burned combined with a supply shock on exchanges celebrity hype and over a billion dollars in nft sales next stop four thousand dollars next up after that price discovery let's get it welcome to bitboy crypto home of the bit squad the largest and greatest crypto community and all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button in this video we will discuss the overall trajectory of ethereum in 2021 look back on how far we've come in nine short months and where we're likely to end up by the close of 2021 to give you an idea of where ethereum will be in the future let's look back to the early days in august of 2015. eath was trading around 66 cents a 1 000 investment then would be worth well over four million dollars today given the prices now it might be hard to believe but on january 1st 2021 ethereum was merely 730 per coin facts like this keep me humble in the world of crypto it's important to stay grounded especially when we have our laser eyes set on the moon i implore newcomers in the space to realize that this is a fast paced environment things can seem unpredictable this is why we encourage new traders to not over leverage and always remember to take profits along the way here's a peek behind the conductor's curtain so you can see how fast this train really moves according to martin young in 2021 the total crypto market capitalization which began at 769 million peaked at 2.4 trillion dollars in may which was a net gain of 86 percent the first five months of 2021 cryptoverse went on a complete tear going down in history is one of the most parabolic runs to date but let's focus specifically on ethereum from 730 on january 1 if passed its 2018 all-time high of 1405 on january 19 2021.

Just about doubling the price from the start of the year just over one month later he hit two thousand dollars for the first time on february 20th eight short days later he crashed all the way back down to around 1320 due to the selling pressure from long-term huddlers getting to that psychological level of two thousand dollars for the first time since the coin's inception but only two weeks later durian passed the 2500 mark for the first time on april 15th in the blink of an eye it rallied to the 3 000 mark on may 3rd 18 days later the 3 500 mark was immediately surpassed only 48 hours afterwards on may 5th exactly one week after that ethereum hit its new all-time high of 4 357 on may 12th and then unfortunately crypto faces prophecy selling may walk away came true thousands of traders were quickly liquidated and many new traders introduced crypto this year took their first trip down the boulevard of broken dreams e's new higher low support level of around 1775 held strong throughout the early stages of summer despite several other youtubers claiming that the upward price action of early 2021 was the final crypto pump the tide started changing when bullish divergence was confirmed on market cipher's daily chart along with a bullish continuation signal on july 21st according to veldana hajrik from bloomberg august marked ethereum's second consecutive monthly advance and its best monthly performance since april ether has gained 350 percent this year versus bitcoin 60 advance ethos bank 36 returns in august alone remember that after clearing the 3 000 level nine days later ethereum reached its all-time high four thousand three hundred fifty-seven dollars this time i have reason to believe that we won't be immediately crashing once we surpass the forty three hundred dollar level fact just the opposite price discovery it could take longer than nine days to surpass the previous all-time high but at least now we will have stronger support according to lark davis on twitter 11.7 million ethereum were bought between 3120 and 3 226 dollars that should serve as a pretty epic zone of price support there very well could be a slight pullback before reaching price discovery considering the piano maddie b reminded us remember remember perish september will that be repeated this september the sentiment seems to indicate otherwise factors that contribute to eat's new higher lows include increased usage of deep eye the rise of layer two solutions and the transition to proof of state consensus as we mentioned on this channel before eip 1559 simply put burns the gas fees for transactions rather than giving the gas to the miners this decreases the selling pressure from the minor selling as well as decreases the circulating supply this as well as a supply shock on exchanges consequently causes the price to go up you can follow the aforementioned e-supply burn on watchtheburn.com this website shows users how much ethan's burned the value of the burned ease expected gas fees rewards price tips net issuance as well as net reduction as of september 2nd 2021 over 166 000 each has been burned 50k of that in the last five days for a total of 627 million dollars i love watching my bags get more valuable if you like watching the etherium supply deflate your portfolio inflate smash that like button don't forget to subscribe to the channel as well another contributing factor to each recent rally lies in the rise of layer 2 solutions with the release of arbitrum on tuesday ethereum has nearly 1 billion dollars locked in layer 2 solutions arbitrariness already locked down 120 million dollars in funding which is over 300 gain in the past seven days another leading decentralized exchange that runs on audited smart contracts on ethereum's blockchain is dydx which has 288 million dollars of value locked duidx is already surpassed cracking and trading volumes lastly each recent rally can also be attributed to the rise of nfts specifically crypto punks which is of august 28 became the second nft project in history to surpass over one billion dollars in total sales there's a limited supply of 10 000 of these ethereum based nfts in existence created by larva labs in 2017 originally intended for a video game the brooklyn-based developers matt hall and john watkinson released them as nfts instead they kept 1 000 for themselves and let the community claim the rest for free the rise of their value is attributed to the fact that they are one of the oldest collections of their time according to data from crypto slam late last month the daily volume for the punks increased from 1.8 million to 41.5 million dollars within one week on monday august 30th they shocked everyone in the nft space when they reached a record daily sales of 101 million dollars after visa bought one of the punks and increased the project's total trading volume by 716 percent that's a lot of lambos all in all as we enter the final months of 2021 safe to say aetherium is less like a stuffy urine-filled amtrak train and more like a pristine shinkansen bullet train in japan there's still more to the story in 2021 and it's safe to say we are very much still in a bull run with the supply burning more and more every day along with institutional money and retail investors still jumping on the train every time it stops i still believe that ethereum will land somewhere between nine and twelve thousand dollars where the bulls drop off the cliff and the bear market officially starts hopefully everyone in the bid squad remembers to take profits along the way for going out the rails on this crazy train that's all i got be blessed [Music] you

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