A widely followed analyst says Ethereum (ETH) may be preparing for an explosive move towards the upside.
In a new thread, Crypto Trader Michaël Vande Poppe tells 786,500 followers on social media platform X that they can first immerse themselves in a support level of $2,233 on their daily charts before ETH increases more than 56% of their current value.
“ETH has reached a higher time frame resistance zone and must accumulate before it breaks upwards. $2,400 is a great opportunity to get yourself before this goes above $4,000.”
Source: Michaël Vande Poppe/X
Analysts also say ETH is likely to be on a upward trend against Bitcoin (ETH/BTC) on its weekly charts after printing a similar 2019 bottom pattern.
“It’s a gentle reminder that the bottom before ETH was September 2019. Then there was an 826-day bull market. Now, ETH may have bottomed a few weeks ago, which is only 21 days later.
Source: Michaël Vande Poppe/X
ETH/BTC is trading 0.02480 BTC ($2,558) at the time of writing, down 1.16% over the past 24 hours.
Finally, analysts say that as ETH begins to erupt, the broader Altcoin market could soon follow.
“If this occurs with ETH, it will show many of the potential benefits that come with the entire Altcoin market. Buy dip opportunities.”
Generated image: dalle3
