Michaël van de Poppe, a closely followed crypto analyst and trader, has recently predicted that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, will soon embark on a price upside trend. He’s also positive about Bitcoin (BTC), the flagship cryptocurrency.
According to Van de Poppe in a tweet, the largest smart contract platform could bottom at around $950. He’s also of the opinion that Ethereum (ETH) has the potential to reclaim $1,500 support if it breaks above the $1,140 resistance level.
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Michaël van de Poppe tweeted, “Crucial zones for Ethereum to watch. Currently bouncing, while also the $EUR / $USD is showing some slight relief. If we crack $1,140, I’m assuming we’ll continue and have a significant run towards $1,400-1,500 for $ETH.”
Crucial zones for #Ethereum to watch.
Currently bouncing, while also the $EUR / $USD is showing some slight relief.
If we crack $1,140, I'm assuming we'll continue and have a significant run towards $1,400-1,500 for $ETH. pic.twitter.com/0IDB6j5fEg
— Michaël van de Poppe (@CryptoMichNL) July 12, 2022
At the time of filing this report, Ethereum (ETH) is trading at $1,228, with a relatively 13% price uptrend in the last 24 hours.
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The analyst further pointed out that the crypto market was indeed due for a pullback, but the major collapse of projects such as Terra (LUNA) and Celsius (CEL) made the matter worse for Bitcoin (BTC) and other cryptocurrencies.
Michaël van de Poppe is of the opinion that once Bitcoin (BTC) reclaims the $22,000 level, it may make another massive run to hit $30,000.
“Yes, the markets should have been correcting, but right now, the valuations of crypto and Bitcoin are way lower than what they should be, due to forced selling from 3AC, LUNA, and more. That’s why a break through $22,000 is going to accelerate the price to $30,000 as well.”
At the time of press, Bitcoin (BTC) is trading at $20,995, with a 6.5% price upsurge based on 24 hours estimation.
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