A widely followed cryptocurrency analyst is expressing his bullish sentiment on Ethereum (ETH), the second-largest digital asset by market capitalization.
Cryptocurrency strategist Michael van de Poppe Tells His 691,900 followers on social media platform
According to the Van de Poppe chart, Ethereum appears to have turned a resistance level around $2,145 into a support area.
Ethereum is trading at $2,358 at the time of writing, about 48% below Van de Poppe's bullish price target.
According to the analyst, Ethereum's upcoming Dencun upgrade — which aims to boost scalability of the second-largest crypto asset and reduce transaction costs — will serve as a bullish catalyst.
Regarding the possibility of pairing Ethereum with Bitcoin (BTC), Van de Poppe He says,
“In terms of trading: You want a confirmation above 0.0600000 BTC ($2,676) or a sweep below the lows. I think the first is the scenario.”
Based on Van de Poppe's chart, the analyst says that the ETH/BTC pair typically enjoys success during the first quarter of the year. It also indicates that Ethereum is indicating that it could reverse the downward trend on the daily and three-day charts.
ETH is trading at 0.05506000 BTC ($2,455) at the time of writing.
Turning to Bitcoin, Van de Poppe says it could be the main cryptocurrency asset as well It arrives $48,000 before the scheduled halving in April.
“Bitcoin is still in between levels.
This means that there is still a period of consolidation, during which I think Ethereum will start to outperform, especially if the upgrades are successful.”
Bitcoin is trading at $42,978 at the time of writing.
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