Analyst Predicts Trend Shift for Ethereum and Altcoins
Crypto strategist Michaël van de Poppe anticipates a major change in the trajectory of Ethereum and several altcoins, providing insights into potential price movements based on technical analysis and market trends.
Ethereum Faces Crucial Decision Point with SEC
- Van de Poppe expects the SEC to make a significant ruling on pending applications for spot Ethereum exchange-traded funds (ETFs), potentially impacting ETH and the broader market.
- The decision, scheduled for May 30th, could serve as a turning point for Ethereum’s price action.
- The analyst speculates that a delay or denial by the SEC may trigger a reversal in ETH’s price trajectory.
Ethereum Price Outlook
- Van de Poppe’s chart analysis suggests a short-term dip in Ethereum’s price, possibly falling below $2,700, followed by a bullish rally targeting $3,800.
- As of the latest data, ETH is valued at $2,920.
Altcoins Under the Radar
AIOZ (AIOZ)
- The analyst believes that AIOZ has strong upward potential as long as it remains above the $0.65 support level.
- If maintained, a target range of $1.35-1.45 could be in sight for AIOZ.
- Current price of AIOZ stands at $0.795.
Arbitrum (ARB)
- Van de Poppe sees ARB nearing a price bottom, with a potential bounce-back from its current levels.
- Based on the analyst’s analysis, ARB may find support around $0.90 before a possible reversal.
Verasity (VRA)
- Despite a downtrend, VRA is expected to find key support at $0.004, signaling a potential turnaround in the near future.
- VRA’s current price hovers around $0.0051.
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Hot Take: Opportunities and Risks in the Crypto Market
With Ethereum and altcoins facing critical junctures in their price trajectories, investors are advised to closely monitor market developments and technical indicators to capitalize on potential opportunities and manage risks effectively.
Source: The Daily Hodl Twitter
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