Ethereum is about to undergo a once-in-a-lifetime metamorphosis that will be remembered for decades. My conservative estimate is that Ethereum prices will 2x over the next month and continue to climb higher and possibly faster than it ever has or will. I am not alone in my stance on the world’s largest decentralized finance ecosystem, and (for the time being) the number two crypto asset.

Both Bitcoin and Ethereum or down on the day ahead of tomorrow’s release of the U.S. consumer price index for July. Bitcoin had effectively a false breakout yesterday from a compression triangle that dates back to mid-June.

Ethereum and Bitcoin are posting their first daily gains this week while they both are trading near the top of their current ranges.

Bitcoin’s range is defined by a compression triangle drawn from connecting the lows reached on June 18th and July 13th and extending forward in time, the same method is used for the resistance trendline using the highs of June 6th and July 30th.

After a huge boost in the value of Ether, (Ethereum’s native) last month gaining over 50%, traders who are up on their long Ethereum trades might be asking themselves if now is a good time to pull their profits.

Over the last few weeks, we have been hesitant to label the low at $17,585 reached on June 18th as the bottom for Bitcoin’s price. We did however conclude that all the criteria for a BTC bottom had been met.

Bitcoin and ETH gained ground on the first day of the Federal Reserve’s FOMC meeting. The meeting will conclude on Wednesday when a second consecutive rate hike of 75 basis points is expected to be announced. This will likely drag down the prices of a lot of things including cryptocurrencies.

Bitcoin is currently trading flat on the day at approximately $23,160 as of 4:30 ET and still holding above the crucial 200-week SMA. Current prices also are above the 50-day SMA after dipping below this indicator earlier in the trading session. The dip was likely brought on by Tesla’s second-quarter holdings revealing it had liquidated 75% of its BTC from its balance sheet.

While the spotlight this weekend was on the capo of the Cryptonio crime family Ethereum known on the streets as little Tony evil, the godfather himself Sammy the bull Satoshi is making a comeback to remind everyone who is in charge.

Over the past few months, the cryptocurrency sector has been plagued with headlines of huge corporations going insolvent and losing their investor's funds. Such as Three Arrows Capital, a Singapore-based hedge fund that held a huge presence in the crypto space going insolvent while still in substantial debt.

Although BTC has found temporary support at approximately $20,000 the odds are stacked against the world’s oldest cryptocurrency finding a true bottom at this price point. Currently, as of 3 PM, ET Bitcoin is trading at around $20,600, which is where we entered our last trade, which unfortunately ended in a loss last week when on Friday Bitcoin’s intra-day high exceeded $22,000.