Ethereum Could See a 50% Rally, Says Analyst Michaël van de Poppe
Crypto analyst Michaël van de Poppe is optimistic about Ethereum (ETH), predicting a potential rally that could push its price to $3,500. Van de Poppe notes that Ethereum has established a support zone after breaking through a resistance level of around $2,145. At the time of writing, Ethereum is trading at $2,358, still 48% below Van de Poppe’s bullish target.
Van de Poppe also highlights the upcoming Dencun upgrade for Ethereum, which aims to improve scalability and reduce transaction costs. He sees this upgrade as a bullish catalyst for the second-largest cryptocurrency.
Ethereum vs. Bitcoin: Potential Trading Scenario
When considering Ethereum paired against Bitcoin (BTC), Van de Poppe suggests that confirmation above 0.0600000 BTC ($2,676) or a drop below the lows would be ideal for trading. Based on his analysis, the ETH/BTC pair historically performs well in the first quarter of the year. Additionally, Ethereum’s daily and three-day charts indicate a possible reversal of the downward trend.
Bitcoin’s Consolidation and Ethereum’s Outperformance
Regarding Bitcoin, Van de Poppe believes that it could reach $48,000 before the halving scheduled for April. However, he notes that Bitcoin is currently in a consolidation phase, while he expects Ethereum to outperform it, especially if the upgrades are successful.
Hot Take: Ethereum Poised for Growth
Crypto analyst Michaël van de Poppe’s bullish outlook on Ethereum suggests that the second-largest cryptocurrency may experience significant growth in the near future. With its recent establishment of a support zone and anticipation surrounding the Dencun upgrade, Ethereum has the potential to rally and reach a price of $3,500. Additionally, Van de Poppe’s analysis indicates positive trends for Ethereum when paired against Bitcoin, further supporting the notion of Ethereum outperforming in the coming months. As the crypto market continues to evolve, it will be interesting to see how these predictions unfold.
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