Ethereum’s $3,500 Surge and Beyond: Insights by Top Crypto Analyst
Renowned crypto analyst Michaël van de Poppe has expressed optimism regarding Ethereum (ETH), foreseeing a surge to $3,500, a level not seen since April 2022.
He highlights Ethereum’s transformation of a previous resistance level into a support zone, coupled with the upcoming Dencun upgrade aimed at scalability and cost reduction.
#Ethereum is waking up and ready for its run to $3,500. pic.twitter.com/ny0ou5txfz
— Michaël van de Poppe (@CryptoMichNL) February 6, 2024
Despite Ethereum trading at $2,358, approximately 48% below van de Poppe’s target, he remains confident in its growth potential. Van de Poppe advises monitoring specific price levels for potential trading opportunities, particularly in relation to Bitcoin (BTC).
READ MORE: Bitcoin Continues Surging – $45,000 in Sight
Van de Poppe suggests Ethereum may exhibit strength against Bitcoin, especially in the first quarter of the year. He also anticipates Ethereum’s potential to reverse its recent downward trend, as indicated by patterns observed on daily and three-day charts.
It's a matter of time until $ETH starts to pick up pace, especially with Dencun around the corner.
In terms of trading: you'd like to get confirmation above 0.06 BTC or a sweep beneath the lows.
I think the first one is the scenario. pic.twitter.com/RkyRpNO7zP
— Michaël van de Poppe (@CryptoMichNL) February 6, 2024
Looking beyond Ethereum, van de Poppe also offers insights into Bitcoin’s future trajectory, suggesting a potential price target of $48,000 before the upcoming halving event scheduled for April.
#Bitcoin remains in between levels.
This means that there's still a period of consolidation, from which I think that Ethereum is going to start outperforming, especially if the upgrades are going to be a success.
Pre-halving perhaps $48K. pic.twitter.com/lxk9J4EHKC
— Michaël van de Poppe (@CryptoMichNL) February 6, 2024
However, amidst ongoing market consolidation, he hints at Ethereum’s potential to outperform. This optimism is rooted in the anticipated success of upgrades and technological advancements, positioning Ethereum as a formidable contender in the dynamic landscape of digital assets.
As investors navigate the complexities of the crypto market, van de Poppe’s analyses provide valuable guidance, shedding light on potential opportunities and risks within the evolving ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
