Popular crypto analyst and trader Michaël van de Poppe just tweeted his bullish outlook on Ethereum in the coming weeks. Even as Ethereum trades around $2,200, down 12% this past week amidst a broader crypto market crash, van de Poppe sees signs of impending momentum building for the second-largest cryptocurrency.
In his tweet, van de Poppe laid out three key arguments for why Ethereum’s momentum is likely to pick up in the next few weeks:
- Bitcoin Bottoming Out Triggers Altcoin Runs
As van de Poppe noted, Bitcoin bottoming out often acts as a trigger for altcoins like Ethereum to embark on new bull runs. With Bitcoin appearing to find support around $40,000 after its plunge below $39,000, there are indications it could be bottoming. If so, funds tend to rotate out of Bitcoin into high-potential alts like Ethereum as the next stage of the crypto market cycle.
- Ethereum Spot ETF Hype Building
Van de Poppe also cited growing hype around a potential spot Ethereum ETF as a catalyst. A spot Ethereum ETF would allow mainstream investment funds to gain direct exposure to Ethereum’s price movements. As Bitcoin ETFs were approved in early January, it’s now Ethereum’s turn.
- Major Ethereum Network Upgrades Coming
Lastly, van de Poppe noted Ethereum’s significant network upgrades slated to launch in 2024 as bullish drivers. These upgrades will reduce transaction fees by 90% alongside improvements in scalability and security. Lower fees and faster transactions should expand Ethereum’s real-world use cases.
With these major catalysts ahead, van de Poppe believes Ethereum’s next momentum phase could come even sooner than many expect. If his analysis proves accurate, Ethereum could significantly outperform the broader crypto market in the weeks ahead. We will have to wait and see if he is right.
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