A widely followed crypto analyst is expressing bullish sentiment toward Ethereum (ETH), the second-largest digital asset by market cap.
Crypto strategist Michaël van de Poppe tells his 691,900 followers on the social media platform X that Ethereum is ready to spark a run to $3,500, a price it hasn’t seen since April 2022.
According to Van de Poppe’s chart, it appears that Ethereum has converted a resistance level of around $2,145 into a support zone.
Ethereum is trading at $2,358 at time of writing, around 48% below Van de Poppe’s bullish price target.
According to the analyst, Ethereum’s upcoming Dencun upgrade – which is aimed at enhancing the second-largest crypto asset’s scalability and cutting transaction costs – will further serve as a bullish catalyst.
On the prospect of Ethereum paired against Bitcoin (BTC), Van de Poppe says,
“In terms of trading: you’d like to get confirmation above 0.0600000 BTC ($2,676) or a sweep beneath the lows. I think the first one is the scenario.”
Based on Van de Poppe’s chart, the analyst says that the ETH/BTC pair usually enjoys success during the first quarter of the year. He also notes that Ethereum is signaling that it could reverse the downward trend on its daily and three-day charts.
ETH is trading at 0.05506000 BTC ($2,455) at time of writing.
Turning to Bitcoin, Van de Poppe says that the flagship crypto asset could reach $48,000 before the halving 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.”
Bitcoin is trading at $42,978 at time of writing.
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Source: https://dailyhodl.com/2024/02/08/ethereum-on-the-cusp-of-nearly-50-rally-according-to-crypto-analyst-michael-van-de-poppe/