A widely followed crypto analyst is suggesting that Ethereum (ETH) is reaching a decision point.

Crypto trader Michaël van de Poppe tells his 724,400 followers on the social media platform X that ETH’s next move depends on how it trades against Bitcoin (ETH/BTC).

“ETH remains to be in an indecisive state of mind.

Bullish divergence is applicable, but there is no follow-through.

If it drops sub 0.042 BTC, I expect we will see a fall beneath 0.04 BTC and a denial of the divergence.”

Ethereum is worth 0.042 BTC ($2,287) at time of writing, just holding Van de Poppe’s level.

Diving deeper into BTC, the analyst calls for Bitcoin to fall to $53,000 before hitting a reversal.

“There we go; markets took liquidity above and are puking and taking liquidity on the downside.

Likely we’ll be seeing $53-54,000 before we surge back upwards.

What’s crucial for Bitcoin? Reclaim $56,000 first after the dip.”

According to the crypto trader, BTC will bounce back up to the $57,000 region after completing its fall.

“Bitcoin continues to fall and we were assuming it would.

Took the liquidity beneath the recent low and doesn’t continue to fall, although I think we will.

Perhaps we’ll take the liquidity at $54,300 and reverse upwards, target then is $57,300.”

BTC is trading for $54,137 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Follow us on X, Facebook and Telegram

Featured Image: Shutterstock/wacomka



Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision

Exit mobile version