A widely followed analyst says that Ethereum (ETH) may be gearing up for an explosive move to the upside.
In a new thread, crypto trader Michaël van de Poppe tells his 786,500 followers on the social media platform X that ETH may first dip to the $2,233 support level on the daily chart before increasing more than 56% of its current value.
“ETH has hit a higher timeframe resistance zone and that requires to have a build-up before it can break upwards. Sub $2,400 is a massive opportunity to get yourself [in] before this runs above $4,000.”
The analyst also says that ETH is likely in an uptrend against Bitcoin (ETH/BTC) on the weekly chart after printing a similar 2019 bottoming pattern.
“A gentle reminder that the previous bottom for ETH was in September 2019. After that, a bull market of 826 days took place. Right now, ETH has likely bottomed some weeks ago. That’s just 21 days behind us, that doesn’t mean we’ll end the bull in the next 50 days.”
ETH/BTC is trading for 0.02480 BTC ($2,558) at time of writing, down 1.16% in the last 24 hours.
Lastly, the analyst says that if ETH starts breaking out, the broader altcoin market may soon follow.
“If this happens on ETH, that would signal a lot of potential upside to come for the entire altcoin market. Buy the dip opportunity.”
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