dailyhodl.com
A widely followed analyst says that Ethereum ($ETH) may be gearing up for an explosive move to the upside.
In a new thread, crypto trader Michaël van de Poppe tells his 786,500 followers on the social media platform X that $ETH may first dip to the $2,233 support level on the daily chart before increasing more than 56% of its current value.
“$ETH has hit a higher timeframe resistance zone and that requires to have a build-up before it can break upwards. Sub $2,400 is a massive opportunity to get yourself [in] before this runs above $4,000.”
The analyst also says that $ETH is likely in an uptrend against Bitcoin ($ETH/$BTC) on the weekly chart after printing a similar 2019 bottoming pattern.
“A gentle reminder that the previous bottom for $ETH was in September 2019. After that, a bull market of 826 days took place. Right now, $ETH has likely bottomed some weeks ago. That’s just 21 days behind us, that doesn’t mean we’ll end the bull in the next 50 days.”
$ETH/$BTC is trading for 0.02480 $BTC ($2,558) at time of writing, down 1.16% in the last 24 hours.
Lastly, the analyst says that if $ETH starts breaking out, the broader altcoin market may soon follow.
“If this happens on $ETH, that would signal a lot of potential upside to come for the entire altcoin market. Buy the dip opportunity.”
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