Crypto analyst Michaël van de Poppe has declared that Ethereum is getting ready for a massive move to the upside. The analyst added a caveat, noting that ETH could still drop to as low as $2,200 before the uptrend begins.
Ethereum Primed For A Massive Move To The Upside
In an X post, Michaël van de Poppe stated that Ethereum is gearing up for a big move upwards against Bitcoin. He noted that ETH is constantly making higher lows, indicating that it is ready to break upwards. However, the analyst added a warning that the largest altcoin by market cap could still witness one more move to the downside before it declines.
Michaël van de Poppe claimed that if the current trend is lost, then the ideal zone for entries is the liquidity hunt on ETH between 0.022 and 0.023 on the ETH/BTC chart. The analyst then affirmed that with or without this decline, Ethereum is bound to make its way towards 0.03. The altcoin could then reclaim the psychological $3,000 level and rally to new highs.
The analyst is also confident about a massive move for Ethereum because of the altcoin market cap signaling a strong move upwards that could happen in the coming period. Based on this, he declared that the cycle is far from over for ETH and other major altcoins. Ethereum is known to lead the way during the altcoin season, and this could again happen this time around, especially with the recent inflows into the Ethereum ETFs.
In the meantime, the Bitcoin dominance continues to rise, breaking the 64% level again and raising concerns that altcoin season might never happen. However, Michaël van de Poppe is unfazed and still confident that Ethereum will make its move. In an X post, he noted how the 2020 cycle was described as a ‘Bitcoin only’ cycle until altcoins like ETH started to run and outperform.
ETH Bullish Continuation Setup
In an X post, crypto analyst Titan of Crypto highlighted a potential bullish continuation setup that could play out for Ethereum. He noted that after breaking out from the falling wedge, ETH is now consolidating. Meanwhile, the Relative Strength Index (RSI) is retesting its breakout zone. The analyst stated that if ETH holds this zone, then a continuation becomes very likely.
His accompanying chart showed that the bullish continuation could send Ethereum to as high as $4,000. This could set the altcoin for a rally above its current all-time high (ATH) at $4,800. Titan of Crypto recently predicted that ETH could rally to as high as $8,500 in this market cycle.
At the time of writing, the Ethereum price is trading at around $2,500, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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