In the current cryptocurrency landscape, a renowned analyst, Michaël van de Poppe, shared with his more than 690 thousand followers a highly optimistic view of Ethereum, the altcoin giant. At the time of publication, the price of ETH was quoted at US$2,418.95, up 2% in the last 24 hours.
According to him, Ethereum, which currently occupies second place in the cryptocurrency market value ranking, is preparing for a significant jump in its value, potentially reaching the US$3,500 mark. This value is emblematic, given that the last time Ethereum reached this price was in April 2022, marking a period of great optimism in the market.
Van de Poppe’s analysis suggests that Ethereum has managed to turn a previous resistance level around $2,145 into a new support zone. Van de Poppe’s forecast indicates a potential upside of around 48% from his target price. This prediction gains even more strength with the expectation surrounding the next Ethereum update, called Dencun, which aims to improve the network’s scalability and reduce transaction costs, acting as an additional catalyst for market optimism.
— Michaël van de Poppe (@CryptoMichNL) February 6, 2024
Furthermore, when it comes to Ethereum’s relationship with Bitcoin, Van de Poppe shares a specific trading strategy. He suggests that investors look for confirmation of a rally above 0.0600000 BTC (approximately $2,676) or consider a sweep below the lows as an indication. The analyst also points out that, historically, the ETH/BTC pair tends to perform positively in the first quarter of the year, indicating a possible reversal of the downward trend on Ethereum’s daily and three-day charts.
Turning his attention to Bitcoin, Van de Poppe predicts that the main cryptocurrency could reach a value of US$48,000 before the next halving, scheduled for April. He notes that Bitcoin is still in a period of consolidation, but believes that Ethereum, especially if upgrades are successful, will begin a cycle of outperformance.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.