Notable cryptocurrency analyst Michaël van de Poppe believes that Ethereum is gearing up for significant price appreciation in the next 3-6 months. In a recent tweet, van de Poppe stated that Ethereum is “still ready for $3,500-4,000 in the coming 3-6 months.” The following are his reasons for such bullish prediction:
The Upcoming Dencun Upgrade
The Dencun upgrade for Ethereum will be tested on the Holesky testnet starting from February 7, 2024. Its activation on the main blockchain will be determined by developers after the testing phase. Originally planned for late 2023, concerns about the lack of public testnet deployment may cause a delay until early 2024. This upgrade aims to improve Ethereum’s scalability and efficiency. According to van de Poppe, the excitement and hype surrounding this upgrade will provide tailwinds for Ethereum’s price.
Other Supporting Factors
In addition to the Dencun upgrade, van de Poppe points to an Ethereum Spot ETF and Bitcoin rotation as other potential catalysts. The Ethereum Spot ETF hype refers to the excitement surrounding the potential approval of an exchange-traded fund (ETF) for Ethereum. The approval of a Bitcoin ETF is expected to open the door for other crypto funds, including Ethereum ETFs. Prominent financial institutions, such as BlackRock, are planning Ethereum ETFs, and it is predicted that pending applications for ETH spot ETFs will be approved on May 23, 2024. If approved, an Ethereum ETF is seen as a major development for Ethereum and is expected to have a positive impact on the industry.
Bitcoin rotation refers to the tendency for altcoins like Ethereum to rally after Bitcoin’s halving events. Bitcoin is scheduled to undergo its next halving in 2024, which could spark rotation capital flowing into Ethereum over the coming year.
Crucial Support Levels Holding In a follow-up tweet, van de Poppe notes that Ethereum’s crucial support levels continue to hold strong. With Ethereum consolidating around $2,300 at the time of his tweet, holding these supports bodes well for a move higher. Breaking through the next resistance level could spark the next leg up in Ethereum’s bull run.
Ethereum Outperforming in the Short Term
Van de Poppe closes by stating that he expects Ethereum to outperform Bitcoin and the broader crypto market in the upcoming weeks. Between the Dencun upgrade excitement, strong support levels, and positive technical setup, Ethereum appears primed to make a big move upwards. Van de Poppe’s $4,000 target implies almost 100% upside from current prices over the next 6 months. With Ethereum’s penchant for explosive rallies, this ambitious target can’t be ruled out if market conditions align favorably.
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