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
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Cryptocurrency markets could witness an “altseason”, but traders and investors should not hold their breath for now, at least for now, as the ETH/BTC trading pair remains bearish.
Altcoin Season Still Not On the Horizon
Altseason, short for altcoin season, is the flow of money or new capital from the Bitcoin and Ethereum markets into altcoins. Consequently, Bitcoin dominance as we know it would decline whereas that of altcoins increases.
During this period, altcoins experience significant price surges so much so that they outperform Bitcoin in terms of value gained. This phenomenon often accompanies a surge in trading volume and overall market activity, driven by increased investor interest in exploring alternative investment opportunities beyond Bitcoin.
Based on the altseason indicator from BlockchainCenter, the possibility of markets pulling back to a Bitcoin season is higher than heading to an altcoin season.
Analysts also speculate the commencement of an altcoin season when the ETH/BTC trading pair flips bullish. The chart below shows a bearish outlook. Until this pairing is bullish and the price confirms a reversal, the possibility of an altcoin season will remain hopium for now.
For a confirmed uptrend, the Bitcoin price must reclaim back into the supply zone, extending from $0.0579 to $0.0601. A stable close above the midline (mean threshold) of this order block at $0.0590 would confirm a correction.
For skeptics and the more risk-averse traders, waiting for a change in market structure above $0.0611 would be a good confirmation of the dawn of a bullish phase. A higher high on the Relative Strength Index (RSI) would also confirm this supposition. This momentum indicator has been recording higher highs since March as Bitcoin dominance continues to abound.
As it stands, the odds favor the downside for the ETH/BTC trading pair. The RSI teases with a pending sell signal to be executed once it crosses below the signal line (yellow band).
Also Read: Bitcoin Whales Make a Comeback as Markets Adjust to New Phase of Scarcity
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After seeing a major sell-off at the beginning of the year, The Near Protocol (NEAR) appears to have fully recovered. In fact, the coin started to pair up losses well before the entire market rebounded and has since maintained this uptrend. Here are some details:
-
Since the end of February, NEAR has risen steadily in price.
-
The coin has breached various crucial resistance zones in the process.
-
But increased liquidation of long positions could spell doom for the altcoin.
Data Source: Tradingview
Near Protocol (NEAR) – Understanding the risks
The steady jump that NEAR has reported since the end of February has been quite impressive. The coin is now trading well above its 200- and 50-day simple moving averages, something that indicates bullish momentum.
In fact, NEAR is one of the few coins in the top 20 that has managed to breach the 200-day SMA. The RSI is also indicating that further upside is coming. The coin could surge past $20 in the days ahead. But despite this impressive uptrend, there is one thing that should get investors quite worried.
According to data provided by Coinglass, there has been a significant increase in liquidation for long positions. This essentially means that investors who had bought NEAR to hold it for a long period of time are already out of money. What is now left is a huge portion of short positions which are very prone to profit-taking. If this happens, which is quite frankly very likely, the uptrend NEAR has reported will slow significantly.
Why should you buy NEAR anyway?
Despite this downside risk, NEAR is still bullish, and it has a very good chance of posting more gains in the near term before any pullback. However, it would be best to lock in profits once the coin touches $20. This will still represent a net gain of around 25% from the current price.
✓ Share: