A widely followed crypto analyst expresses bullish sentiment toward Ethereum (ETH), the second-largest digital asset by market capitalization.
Crypto strategist Michaël van de Poppe tells According to its 691,900 followers on social media platform
According to Van de Poppe’s chart, it appears that Ethereum has turned a resistance level around $2,145 into a support zone.
Ethereum is trading at $2,358 at the time of writing, about 48% below Van de Poppe’s bullish price target.
According to the analyst, Ethereum’s upcoming Dencun upgrade – which aims to improve the scalability of the second-largest crypto asset and reduce transaction fees – will further serve as a bullish catalyst.
About the prospect of Ethereum linked to Bitcoin (BTC), says Van de Poppe say,
“As for trading, you’ll want confirmation above 0.0600000 BTC ($2,676) or a sweep below the lows. I think the first is the screenplay.”
Based on Van de Poppe’s chart, the analyst says that the ETH/BTC pair typically sees success during the first quarter of the year. He also notes that Ethereum is signaling that it could reverse the downtrend on the daily and three-day charts.
ETH is trading at 0.05506000 BTC ($2,455) at the time of writing.
As for Bitcoin, Van de Poppe says this flagship crypto asset could range $48,000 before the halving scheduled for April.
“Bitcoin remains between levels.
This means there is still a period of consolidation, after which I think Ethereum will start to perform better, especially if the upgrades are a success.”
Bitcoin is trading at $42,978 at the time of writing.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3