Popular crypto analyst Michaël van de Poppe is plotting a bullish scenario for Ethereum (ETH) amid the hype surrounding the smart contract platform’s incoming upgrade.
The crypto strategist tells his 623,800 Twitter followers that he believes Ethereum’s current pullback from its August high of around $2,000 is likely coming to an end.
[adinserter block="1"]“Looking at a scenario like this on Ethereum.
End of correction relatively soon, crucial level around $1,350.
Merge hype starting to get fired in the coming weeks, taking markets up.
If block around $1,300-1,350 is lost -> $1,000 next.”
The Merge, which will allow Ethereum to transition from proof of work to proof of stake, is slated for mid-September. At time of writing, ETH is changing hands for $1,449, down over 3% on the day.
Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe says the pair must stay above its immediate support level to increase the odds of bullish continuation.
“Daily order block still holding on for Ethereum, which is great. I’d like to see it hold above 0.071-0.0725 BTC ($1,402 -$1,432) as then it’s still a regular correction in an uptrend.
Continuation could be possible to 0.10 BTC ($1,975).”
At time of writing, the ETH/BTC pair is trading at 0.073 BTC ($1,441), flat on the day.
As for Bitcoin, Van de Poppe says he does not see BTC correcting all the way down to $14,000.
“Potential scenario for Bitcoin, as we are facing a test of a weekly support level.
Testing $19,000 region seems inevitable.
Question is whether we’ll sweep the lows or just create a higher low…
Everyone waiting for $14,000. Seems unlikely.”
At time of writing, Bitcoin is valued at $19,838, down over 1% on the day.
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