But the thing that i'm looking at is, if we can get a candle close up above that area that could potentially lead us up to 623 dollars, would be our next next. Overhead resistance then be up to around 820 840 dollars right in that range and the beautiful thing about ethereum here, we've gotten through some of the toughest overhead resistance areas that we're going to deal with and because ethereum went so fast to the upside and it dropped. So fast there's these wide open gaps to where ethereum once it gets going and the bulls really step in and that volume swells. We can cut through some price action very fast, and you can have these two three four hundred dollar days. It happens. You can see back here guys when ethereum in the matter of two three months went from about a hundred and twenty seven dollars all the way up to one thousand four hundred and twenty nine dollars. And it happens in a few months and what you can see is we basically hit that double bottom here and now we've been in this nice, uptrend and we're? Also, let me turn this yellow for us here on our rsi. I want to turn this yellow just so you can see it so you can see with the rsi we're gaining that strength as well. We have those higher lows coming in, and this is on the weekly chart here, the rsi's at 70, but one thing i wanted to point out here when ethereum runs it typically, the highest we've gotten on the weekly time frame for the rsi is 98, so we Can almost peg it out at that hundred the next area after that has been 89 and then the previous area we just hit was 81 before we start having a sell off.
So sometimes, when you get into those 70s that's where you have the most strength from like 70 to 90 in the cryptocurrency space and that's, where you can be spooked a little bit when you read books – and it says you know the rsi at 70 – you should Be you know, paying attention your position and potentially selling out of that position because you're overbought, i think krypto, is a little bit different. I think. Sometimes you got to start paying attention once you're. The rsi is around 80 85 right up in that range and obviously you're looking at support resistance trend lines, all different types of stuff divergences, moving averages, but that's just something these markers. You know when you get up into the 90s and it's on the weekly chart. You might want to think about taking some profit. That just is what it is, but right now we have that nice strength where we're gaining strength on the rsi higher lows. You can see right here on this line graph, just moving up so the next overhead resistance in terms of the rsi we need to get over about 75. But as we look at this, those higher lows are continuously coming in and we've been getting higher highs. So, like we talked about, if we can close up above this area right here on the weekly time frame 489 dollars that could open us up to 623 and what i'm saying here guys this isn't something.
This is a little bit longer term outlook it's not talking about tomorrow. Tomorrow, eve couldn't, you know, sell off 20 30 bucks whatever but i'm talking about in the longer term. Here, as we watch this progress, i think ethereum's going to be one. People are really sleeping on in the longer term, with all the good developments that are coming out, the proof of stake for ethereum as well. You know eth 2.0. I think it's really going to drive the price just to let some people know here, and there was a news article that i wanted to go over here with you guys – and this was it right here and i'm – not saying this is the case. I just want to put this news article out there for you and what it says is why this whale thinks ethereum could soon be better than digital gold or the digital gold of bitcoin, and this is by cole peterson, and this is newsbtc.com what it goes on To say is bitcoin and ethereum are rarely compared beyond when discussing market structures and price trends, with their underlying fundamental values being wildly different, while bitcoin is seen as a store of value, the digital gold ethereum is widely thought to be more of an ecosystem backbone. The vast majority of the actively used crypto spaces run through the ethereum blockchain. So we have to keep that in mind here. The gap between the two cryptocurrencies in terms of the underlying similarities may begin shrinking in the near term.
However, as one early and ethereum investor who has purported whale is noting that two changes to eth network could soon make it better than digital gold. That is bitcoin eth whale claims. It will soon flip bitcoin as the superior gold. So i want to put this out there here. I suppose ethereum whale who acquired his position around one dollar explained in a tweet that he believes the negative inflation that will come about as a result of pos issuance and eip1559 will allow eth to flip bitcoin as superior digital gold. It will be better than digital gold, because bt btc eip1559 only pos issuance good chance, effective inflation is negative and eth burning coins, that's gon na be something that's really gon na drive the price in the future and i'm, not saying it's gon na be ten thousand Dollars i'm, not saying five thousand dollars anything like that. I just think in the grand scheme of things as we're looking at ethereum here at 474 dollars in some of these open areas down the road, we may get some explosive moves from eth because a lot of times once bitcoin will start to cool down a little Bit money will go into eath because there's more liquidity, more volume than some of the other all coins and it kind of just trickles down through that top 10, 20, 30 and and so on. But you know this some. I want to put out there on your radar if you get something from this don't forget to like subscribe hit that notification bell.