What's going on moong, i wanted to make a quick crypto update video for you because, as you can see, the whole afternoon session today on may 10th was a bit weird. I mean even here, bitcoin ethereum doge cardano all sold off almost in unison. The best of my knowledge of research - i did it - was just more of a factor that the crypto sector was a bit too hot. Everyone was piling in.

There was quite a few over leveraged bets and then, when we had a little bit of it, turning south things, just kind of got out of hand and the people who were over leveraged. They couldn't handle those pull downs in their account, so they sold and it kind of became like a pretty negative snowball effect, but it really does seem over the past couple weeks past couple months. The golden rule of thumb is just buying the dip. I mean already that bitcoin coming off of 53 500 to 50 56 000.

We have ethereum that had a notable sell-off, 3600 back up to 4 000, already same thing, wash rinse repeat in this video. What i want to do is specifically focus on ethereum and dogecoin. I want to kind of do a breakdown for you, so you know what technical levels to watch for the remainder of the day and a couple days in the future, and then on top of that, i do want to talk about ethereum, specifically kind of like what It is, i was getting a lot of those questions on the live stream. Today i found an awesome article that i will link in the description below, but i kind of want to go over the highlights for you, because ethereum has been on an absolute tear one week up 13 one month, 84 year-to-date up 440 percent um.

I know a lot of other cryptos are having returns like this, and i kind of want to create a series where i go through like the individual ones. What makes them special their pros their cons um. So this is going to kind of be the start of that. I want to talk about a theorem honestly, just because i um, i think, there's an incredible amount of potential.

So let me go over this and then we'll do a technical breakdown of both ethereum and dogecoin, but first of all, this was just posted by cnbc. Today, surprisingly, a good article, like i said before, i will link this in the description below and it's just kind of a quick overview. Just have you have an idea of what sets ethereum apart? Ether is a native currency of ethereum in open source blockchain platform. Ethereum was founded in 2013 by russian canadian program buterin and several other crypto entrepreneurs.

In fact, with ethereum's most recent run, he has now almost become a multi-billionaire um awesome for him for buttering bitcoin was too limited functionally. Basically, he kind of in an interview was saying that bitcoin does one thing well, whereas ethereum is more like a smartphone with multiple applications, you can use so right here. People can build apps on top of ethereum and that's like the main thing that sets it apart. Basically, if i had to sum it up, you could almost think of bitcoin as a store of value, a better alternative in case instead of keeping your money in usd or in gold, while ethereum is kind of like the main utility coin, that a lot of these Other utility coins are built off of and then on top of that to kind of like tie this metaphor together, dogecoin would be more functioning as just like a digital currency.

Basically, you have digital currencies, i.e, dogecoin utility coins, i.e, ethereum and then stores of value such as bitcoin ethereum is a blockchain with a built-in programming language and the most logical way to actually build a platform that can be used for many more kinds of applications. And this is kind of where people get super excited about ethereum, like one of the main things smart contracts, the ethereum network hosts, what's known as smart contracts, collections of code that carry out a set of instructions and run on the blockchain. These contracts are what power, decentralized applications or dabs, so basically think about like the normal apps right here, as you can see on your iphone your android except here, except they don't answer to one company or authority, but basically it's it's a little bit more of um. Taking power back from big brother and all that stuff, like you're, not being monitored right there, that's one key thing: the other thing and more recently is really activity on ether's network has surged thanks to the rise of nfts non-fungible tokens.

We've all heard about the nba top shot. Ufc is kind of spinning up their own and honestly, that's just the tip of the iceberg. Right now, nfts are exploding uh. It seems like you really can't go a day without hearing about or talking about, nfts, and this is all made on top of ether, which is pretty awesome.

I, like this summary right here. Put simply bitcoin is a payments network that can be used to transfer value between two people anywhere in the world. Today, it's mainly used for investing ethereum, on the other hand, is aiming to create the infrastructure for an internet that isn't maintained by a single authority and that's why so many people are attracted to it because it almost has like bigger expectations. It really is trying it's the infrastructure for an internet that isn't maintained by a single authority, pretty cool, and that's why we have the applications on top of that.

Just so many more cool things are being built on it and for me like, if you couldn't tell like, i think, the multiple years down the road, the future is exceedingly bright for ethereum. But let's be honest, as you can see here, there are some very valid and fair criticism. For example, there is uh, it has slow transactions. Scalability is one of its biggest issues and massive amounts of energy consumed by their networks.

That's also a fair dig on bitcoin. As well, so it's not a perfect coin. It's slow, scalability is an issue and a lot of people have acknowledged that and that actually comes into ethereum 2.0, which is a highly ambitious, upgrade and basically they're looking to switch over to proof of stake, which should help with those uh transaction speeds and scalability problems. So be on the lookout for ethereum 2.0 um.

There are other economic things related to this. That could really help it. So, basically, if people are saving up coins because they want to stake it themselves, that kind of brings down the supply, but it demands a high. It can really put ethereum uh through the roof in terms of its cost per coin.

So a lot of things uh on the upside, especially if we can take care of these very fair and valid criticism personally, very excited to see what happens with ethereum 2.0. But overall i just kind of want to get that out of the way of like we're hearing about bitcoin dogecoin ethereum. I thought it could just be kind of useful for me to explain at least to the best of my ability um some of the main differences and like what sets ethereum itself apart now with all that being said, let's talk about what happened recently, so it did Hit this all-time high today, and then that was around 42 000 and that happened around 12, 12, 30 eastern and then from there there was a 13 dip um and that only took about three hours pretty crazy. Obviously, we are definitely dealing with a very volatile class um in asset class, but even from there one of the going things i've been doing, especially with these more well-known coins, bitcoin ethereum, cardano, litecoin dogecoin ripple.

All of those it very much seems like it's really hard to like just not argue that the buying the dip has worked out exceedingly exceedingly well. Lately, right there we went from 42 000 down to below around three thousand six hundred. Now we're already back up to four thousand uh. Personally, i'm invested in all those ones that i just listed and i i didn't catch this dip.

It was honestly a bit too quick, especially with just like the normal market closing around there, but it's already coming back. I personally believe this had a lot more to do with the crypto sector as a whole is pretty hot people are over leveraged, they saw a little bit of red, and then this led to like a miniature capitulation, but in terms of technicals it was a nice Buying opportunity, this is a region of support right around 3600, the rsi was pretty oversold from there we're bouncing back as i'm filming this we're trying to break out from this region of resistance between 3985 4030 um. This support this resistance. This region is clearly now functioning as a region of resistance.

If we can break above this, i would then be watching 4125 4175. This, if we can hold if it gets rejected here, maybe then coming back down to this region of 3800s. I'm just looking at all this consolidation in here, but if we can break out um, i would not be surprised in the slightest in a couple days. If i'm making another video that talks about a theorem and we're at another new all-time high, i'm very bullish on it, this rebound is bullish um.

I just don't see a reason to get out right now: long-term medium term, shirt term, there's a lot of things in favor of ethereum, i'm a proud owner and i honestly think, given enough time, i'm not calling it for in a couple weeks couple months, but i Wouldn't be surprised one of these days, if we're just talking about ethereum. Finally, breaking over ten thousand dollars per coin - very very excited about it. So in terms of dogecoin, so we all know what happened uh huge run-up to the snl event, then the it was kind of by the rumor sell the news in terms of like the snl that was happening. It's very hard to live up to that type of hype it sold off.

We had a cup and handle. I was definitely calling for a breakout on this cup and handle typically a pretty bullish, sign uh. It didn't break out that that's a good counter. Example to sometimes not all technical analysis is going to be perfect.

Since then, we've been riding this blue treadmill line down. I do like this double bottom at 41 cents right now. I would consider that to be a very, very strong support. We see that double bounce.

I am looking for dogecoin to break above this. I want to see how it reacts to the key psychological level and level of resistance between 50 and 52 cents and from there i think, we're going to be back off to the races. My first target would be 57.5. Yes, i do own dogecoin um.

I honestly think it's a matter of time before dogecoin is at a dollar a coin. The community just has too much support too much passion. It just doesn't make sense to me really that the enthusiasm for this particular cryptocurrency wouldn't continue to push it higher and higher and honestly, in times of like whether it's going sideways, a bit boring or even selling off, we can always trust in uh. Certain figures, such as elon musk, to say some sort of joke that just gets people reignited their interest in this and pushes it higher.

Honestly, i i don't see really a world in which dogecoin won't at least at a minimum. That's a dollar and i think it could truly go higher than that with all that being said, i would love to get your thoughts on really ethereum dogecoin um. Let me know in a comment below if you enjoyed this video, and you want to help me out with the youtube algorithm and getting in front of other people. Don't forget to that drip that, like leave a comment hit that subscribe button.

All that engagement really helps me out with youtube until i catch you next time from me and share best of luck in the market. You.