A widely followed crypto analyst says that the bottom for Ethereum (ETH) will coincide with the peak of another skyrocketing asset.
In a new thread, crypto trader Michaël van de Poppe tells his 781,600 followers on the social media platform X that the top altcoin’s “disastrous” price action will likely revamp itself once gold, which is up 19% in the last year, finally ends its rally.
“A massively disastrous chart for ETH. I don’t know where this will bottom, although I suspect that the peak of gold and the bottom of Ethereum are going to be correlated.”
According to Van de Poppe, gold has been rallying lately due to President Donald Trump’s tariff threats, something he says will likely reverse course in the coming weeks.
“Gold is rallying due to the uncertainties surrounding the tariffs from Trump. I assume this will rotate in the coming one to two weeks:
-Uncertainties over.
-Perhaps labor markets becoming weaker.
‘Buy the rumor, Sell the News’ type of event.”
Gold is trading for $3,116 per ounce at time of writing while ETH is valued at $1,798, down 63% from its all-time high hit in November 2021.
Concluding his analysis with the top crypto asset by market cap, Van de Poppe says that Bitcoin (BTC) needs to revisit its recent lows at around $76,000 before sparking a rally to the upside.
“It seems to be vital that we’re seeing some more downward momentum on the markets for Bitcoin. The trend is still lower highs and lower lows. Test at the lows before reversing back up?”
Bitcoin is trading for $81,962 at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here