Keep a CLOSE Eye on ETH (Reaching Critical Zone)

Use manual mode. Alright guys, welcome back to Box Mining. This is an emergency stream because Ethereum is reaching a very critical zone right now. Let's throw this on the screen. And then of course, Ron has to manually click that button. We're back to manual mode. That's great because life is good. But look at this right now. Ethereum 2888. Almost 88. 2888. It's a great number. Not a great number, but I'm reaching a critical number. Why do we say this is a very critical range for Ethereum? Because Ethereum has touched this point multiple times, but we've defended it. In the past, we managed to pull off a strong defense in mid-April, early May. And now in mid-May, we are trying yet again to defend this point. Why is it so important? It's because if we do fall below this point, we could face a drop all the way down to $2,100 for the price of Ethereum. So that's a scary moment, guys. Yeah. That could be a scary moment to some people. But at the same time, this is very good for the market. I want to make an argument that this is really what the market needs in order to fuel up and ignite to the next level. But right now, it does feel a little bit bad. Yeah. And I want to point out one of the comments says, nice chart zoomers. I want to reiterate that technical analysis is not just like astrology for men. We, I've been researching deeply into this. He's been reading now. He's like, reading books? Huh? Books? But yes, but something that is quite important is you really need to establish where your support is. And right now, we're approaching that line. So it could be the case. Oh, let's see when we do close. But if we do close in the danger zone, we're in the danger zone. It's actually a good buying zone. But of course, if you are taking leverage, and I'm assuming a lot of people are doing this because open interest is still super high. Those are the people that should be worried about right now. Because if it doesn't reclaim the support line, which is this our local one on the daily, then we're looking at 2.1. Still, we can talk about this later on. There's a lot of techniques that you can measure your position. We'll talk about percentage retracement and stuff like that. Yeah, but I think it's a good time to just refresh and check in with the channel, guys. From both a fundamental perspective and technical analysis, now is a very critical time. Fundamentally, the market is curing up aggressively to move up. It's actually quite funny because if you talk to anyone in the crypto space, they're excited. And they're blowing a lot of money on this market right now because they know that six months after the halving, that is a critical point. And we know that we have the halving last month, right? So April 4 plus 6. And we're going to October. We're looking for a huge pump in October. So this whole market is gearing up towards that, right? It could be the case that we retrace all the way back down to 2,200. But at that point, right, when Bitcoin rallies, everything rallies with it. That's almost like that is the rule. In fact, that's not almost always the rule. That is the rule of crypto. When a mega giant moves, brace yourself, okay? Brace yourself, right? And we just got back from Bitcoin Asia. I got a pin from Bitcoin Asia, actually. I'm going to put that on me. But it's funny because it's packed. These events are packed. People are paying $250 US for Bitcoin Asia to just be there, right? Okay, now it's weird because I'm not pinning it correctly. And why is it upside down? It's good luck. It's Chinese. It's good luck to have it upside down. Yeah, it's good luck to have it upside down. We should handstand more often. Yeah, yeah, yeah, yeah, yeah, yeah. We should hand back to the office. Exactly. But that's kind of funny because from the, like, people who are looking at the buyers, the market, new ETFs. I say, for example, there's a new Ethereum ETF in Hong Kong. And there's, I mean, recently there's both Bitcoin and Bitcoin ETF in the States. But in Hong Kong, we have Bitcoin and Ethereum ETF, right? So these factors, they're already in play. But, but the volume isn't crazy high yet, right? So the building blocks are being made, right? And they're aggressively being grown. And then we also see more and more funds entering the space. We see, we see new people and new funds. We see that momentum going forward. But the market's taking a break. Taking a break. This is absolutely normal because we have been on a huge run since a couple of months ago. And when I talk about percentage retracement is, you're familiar with Fibonacci retracement. But the traditional way before that is just you go for 33%, 66%. So right now we look like we're retracing down to 66% from the local high. And it's needed. Look at how crazy that rally was. If you zoom out, okay, this is when people call, call, like, look, look at this. Look at, it was pretty much nonstop all the way since October, 2023. All right. This is when Ethereum was like, yo, let me show you what's up, right? It first, it rally first. Let me show you what's up. This was barely anything, right? This was barely anything. But it does show that this is a really strong support as well because yet again, touch, touch, touch, touch, touch. It's constantly touching that line. And then boom, right? This was a rocket ship, right? This is what we're looking for next as well. This is why people are in this space. It's because they know that there's going to be a second rocket ship, the second, second, even bigger rocket ship that's going to lift off. Which is why, yet again, people who are looking, who understand the market cycles, who understand how Bitcoin works, because obviously the halving doesn't immediately impact people who want to buy or sell Bitcoin. People already have a stack of it. Usually six months after, people get that FOMO and then all the miners drive the FOMO up even more as well, right? Which is why we likely see something here, but before to maybe reach that, we might fall down here. So that's why it's right now. It's very key to watch the markets. We do see that we have lower highs each time, which is why it's a little bit more dangerous too long right now. Yeah. I do have longs on. Okay. I do have longs. All right. I do have to admit I do have longs on because I've been swing trading. So basically I've been buying at around 2,800 and I'm making up. But if I lose, like let's say if there is a catastrophic dump, if we do fail to defend this point, I'm not going to, you know, like freak out. It's not the end of the world for me. But the way I was planning it is I'm loading up. I mean, loading up ammunition. If we do ever fall into this point, I'm going to buy, man. That's when the massive buys come in. And I want to point out that this is your battle strategy. And this is how you would do upon looking at this chart. You have to realize that there are many, many people out there just like Michael who have the same approach to this. The point I would be worried is if Ethereum ever breaks below 2.1K. But as of now, we are still in the bull and every dip is sort of just a good buying opportunity. That's for sure. Right. And we see this is a total three for Bitcoin. Yeah. This is the total market cap excluding Bitcoin and Ethereum. And look at that. It's pretty tight. It's pretty tight. It's still pretty tight. It's pretty tight. It's pretty tight. So Ethereum greed index, we're actually at 53, which is surprising. I thought, I actually thought we'll be neutral in the fear zone. Yeah. Right. I do sense more fear and I sense a lot less aggression in the markets right now. Something, a trend that I'm seeing is that there are fewer raises and fewer, it's almost like people are not buying into SaaS as much. So I've been aggressively looking at the venture side, right? Looking for new projects, trying to raise. And three months ago, people were just aping, right? Like money being thrown left, right, and center. And now we're seeing refunds and we're seeing less aggression. So I guess maybe in the venture side, it's probably here. To here. But in the investment side, it's here. And that's just because there's still momentum up. Up momentum. I cannot speak words. What's also interesting is this is the chart that we looked at before. This is a Bitcoin rainbow chart. This is a logarithmic chart, right? So this is zooming really far out. And this is for people who survive multiple cycles. And this is when we really look at the impact of the halving. Yeah. So Bitcoin, as you know, it halves almost every four years. And that's the halving the production. So it's programmed in the protocol. After reaching a certain number of blocks, the number of Bitcoin that's mined, the amount of Bitcoin that's mined will halve. That actually has a huge impact on the mining industry. So miners who are used to making $1,000, they're going to be getting $500 per day. Yeah. All right. That's what the... Or rather, if they're going to get... I should put this in Bitcoin terms. If they're used to getting, say, one Bitcoin every day, they're going to get 0.5 Bitcoin every day. All right. So that's a little bit of... That's exactly what's happening. That also impacts them because the amount that they can sell out. So a lot of times, miners, they sell the Bitcoin that they mine to cover the cost of electricity, of new gear, of having to run away from law enforcement sometimes. They have to cover all these costs, right? Yeah. So usually what miners do is they have a reserve of Bitcoin. And usually why the pump happens after six months after the halving is because the reserve runs out. Yeah. And people who are one to buy, they see, oh, shit. I'm calling this miner. I'm calling... I'm calling Bob, right? The China miner. Yeah. Okay. Bob, the Texas miner. And, uh, Ching Lu, the China miner. The Ching Lu. The Ching Lu is out. Ching Lu don't have. Only OGs know the Ching Lu. The Ching Lu don't have the Bitcoin. But Liu Ching. Liu Ching. Liu Ching. Sorry. Sorry. We're only aware of where else to do this. Okay. But Liu Ching also don't have. So, so the halving last time almost always has an impact on the price of Bitcoin. Usually you're starting around six months after the halving. All right. Yeah. I want to add on to this because last week we went to Bitcoin Asia conference. Yep. And a lot of the booths are either Ethereum layer twos or Bitcoin miners. Yes. Which is something that I rarely see. Bitcoin layer twos actually. Yeah. That's okay. Yeah. But I rarely see, you know, Bitcoin miners being talked about or being put in the spotlight. And it was a very big revelation for me is because I've been tunnel visioning onto, you know, what moves the Bitcoin market, what moves the altcoin markets. Primarily that's market makers, institutional interests. But one thing I think maybe this applies to a lot of the new people is that they seem to forget Bitcoin miners are the market maker. Or like not market maker, but they play a huge role when it comes to Bitcoin price. If you understand their behavior, you know, like what you talked about, when are they going to sell their Bitcoin especially? Or when are they going to accumulate more? Or no, like other people are going to be accumulating more based on the behaviors of miners. That's a very, very fundamental metric to look at, which is something I have incorporated into my analysis as well. Because I think at the end of the day, it's very important to know what everyone else in the market is doing, right? How that affects supply and demand. And miners are very quiet. Very, very quiet. Yeah. That's the biggest problem with miners, right? Minors tend to not want to talk. They don't want to talk at all. And you've seen that as well, right? Like even when you're trying to interview the guy. Yeah, we went to the booth and they're like, can we interview you? And they're like, oh, no, no, sorry, sorry. No, they're so sensitive. They're like, yeah, don't take, don't take, you can video this, but you can't video us. You cannot be in the shot. We don't want to talk about anything. It's interesting, right? It's interesting. Yeah. Yeah. Um, yeah. I'm trying to get the number for, for Bitcoin, um, uh, Bitcoin produced per day. Um, okay. Bitcoin produced per day, 900 Bitcoins per day. And if you multiply that out by, um, uh, 900 Bitcoin times 60. So this is the, wait, this is not showing it. Um, but why, even if you're putting at $60,000 for the price of Bitcoin, if you produce 900 Bitcoin per day, that's $54 million per day, per day, per day. Right. And miners are mining that and they're dumping that on the market. Yeah. Right. So that's, that's why Bitcoin mining has such a huge impact. And yet again, they're very quiet. They're very devious. They often share misleading information, which is yet again, uh, what, what makes this hard. But at the end of the day, what they know, uh, they know, they know the patterns, right? Miners, they know this pattern. Since 2012. Yeah. A lot of miners are from 2012. And you see that, right? You see that the, the level of OG-ness, all right? Yeah. Miners who started mining in 2012 don't quit, but they also have like tens of thousands of Bitcoin, right? Yeah. That's ridiculous. So they know that this is happening and they know when roughly six months after is when the pump happens. Yeah. It could be at this time, all right? The delay is a little bit longer. You see that the, uh, the pump for this one was much faster, uh, than the, and the happening. But, uh, the happening this year, all right? Uh, um, um, coupled with the fact that there's already ETFs, that FOMO could be fucking insane. Yeah. Right? Which is why we see the rainbow chart, which is why we see even a rainbow sale chart, we're not nowhere, nowhere near the maximum bubble territory. Yeah. Um, just to know as well, why this chart actually can be visible, is that it's logarithmic. So every, uh, block here is 10 times rather than, uh, double. Okay. And from what I've learned, logarithmic chart is super useful to look at. Like very long term. This is a chart they use to look at stock markets if they have hundreds of years of data. Yeah. And this just gives you a good picture of where we're standing at positionally, because it is super volatile in the short term. Yeah. So it's like logarithmic chart. It's like, you can play around with it here. Yeah. All right. Cool. Easy. All right. But yes, yet again, right now we're at a very critical point. The volume, it's like, it's no longer insane. All right. Here we had the crazy volumes, or I can see a higher volume. Here you can almost see just a baseline volume. This might actually be market making volume. This might not actually be organic by volume, right? So the, because the volume is lower, we're at a very fragile point. So just be, uh, just be careful at this point, guys. Rainbow chart never disappoints me. Never disappoints me too. Hey, Boxfam. Hey, Angela Wang. And guys, uh, welcome back to the channel as well. We've been doing, we're doing, we're doing, we're, we're, we're, I cannot speak properly today, but we're going to do a lot more content. We're going to have a whole, uh, overview of Bitcoin Asia, the conference, uh, coming soon and the Bitcoin ecosystem. Something that I think really needs to be, um, covered is what's happening in, um, Bitcoin, um, space. Asia. Bitcoin Asia. Is that the website? I don't, I don't, I don't want to. Go to Twitter. Bitcoin Asia. Okay. X.com. But we have a full video. Ron's been editing it. Uh, there's a few interviews. There's a few videos. I can show this one. There's a, there's me trying to look high. Look, look at that. Like, look at that dumbass. Look at that dumbass. Uh, but we talked to the core guys, the core DAO guys, uh, which is super exciting because they're building BTC fi, right? And it's yet a word that we don't really, um, hear that often because I've been in the Ethereum space for too long, right? So we're like, oh, it's all defy. But think about it. Bitcoin's been sitting there for a long time, especially people who have Bitcoin and don't want to stake it. Yeah. Look, it is a trillion dollar market cap, right? Mm-hmm. It's four times more money in there than Ethereum. So if you can activate this ecosystem, all right, your billions come easy. Yeah. Right. Ethereum is still trying hard. Um, Ethereum ecosystem layer twos, they're trying very hard to get, um, billions of dollars on, but Bitcoin ecosystem is just growing like crazy. So, uh, the fact that core DAO, like if you look at stake that core DAO, stake core, core, core, by the way, this is not my computer. So that's why I'm not very familiar with it. But, um, this one, yes, this one, look at it already. Um, last week we checked, uh, it was 350. So they're growing aggressively. That was last week. Yeah, that was last week. So the, the amount of BTC delegated to this is just increasing. So if we multiply that up, so, um, this is how fast can grow because they can just talk to someone and someone be like, yo, yeah, I can put a hundred BTC inside, you know, uh, for, for, for, for what they're doing. So, so that's quite insane. That's quite insane. That's how value, um, increases. So, uh, I will make videos on what's happening with, uh, BDC-Fi and everything else like that. But, uh, I'm just, okay, so right now they have 38 million dollars in terms of BDC stake so far. So I can see this crossing, like I can see them gaining momentum and crossing maybe into a billion dollars. Yeah, definitely. Possibly. Because they only started this in Dubai, which was less than a month ago. Yeah. So, yeah. Yeah. And their target is even if they just captured 10% of the BTC's market capital, that's like their overall goal. A hundred billion dollars. Exactly. That's 10%. A hundred and twenty billion dollars. So, there's a lot happening in the Bitcoin ecosystem, Bitcoin layer twos. And, like, Ron made the mistake, you almost said, you actually said Ethereum layer twos. Oh, I did? My bad, my bad. Yeah. I mean Bitcoin layer twos. Yeah, because we're so not used to saying it. Exactly. These words are... Proves my point. Yeah, exactly. It's really hard for these words to come out of our mouth, but it is. And there's so many layers twos being built on Ethereum, activating that money. And this is getting ready for when Bitcoin experiences that mega pump in around six months time with the halving. Yeah. That all that DeFi or the Bitcoin, BTCFi is going to explode. So, we're going to be positioned right in front of that. We are ready. Uh, there's so many things to talk about. We have this one and we have the conference overview. Um, that's going to go on and that's going to go on this channel. So, lots to do. Make sure you're subscribed guys. Check that out because, yet again, people literally pay 250 US dollars to go to this conference. We show you exactly what's inside and we get you the ground view. So, there's no reason not to subscribe and get that intel and info. Uh, wow, that looks horrible. This is what you're watching. That's not me. This is so you. It's not me. I don't use books. Oh, that's... Nice try. Nice try everyone. And, um, also recently, I, um, this is really stupid, but Box Money Plus for some reasons got banned by YouTube. YouTube is extremely unfriendly with, um, everything we're doing. So, all the content that's normally going to go on Box Money Plus is going to come on the main channel. So, I really appreciate if you smash the likes, uh, really comment on our videos. It does help. We just basically take a major loss. Ron's really sad. So, please make Ron happy. Okay, please make Ron happy. Yes, sir. Alright, we're going to zoom in their face, but I can't right now. But anyways, we are wrapping up our production as well here. Uh, lots, lots, lots, and lots, and lots, and lots, and lots of content coming. So, if you guys are interested, check that out. Yep. Uh, last of all, if you guys are interested in trading Bybit, uh, make sure you get your Bybit accounts early. We have referral codes for Bybit, uh, MEXC, and, um, New Exchange Cube coming up. So, if you use any of our referral codes, it does help our channel. So, just go. Smush the likes. We'll see you guys soon. Okay. So, we'll see you guys soon. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye.