Analyst says a massive bullish reversal signal is flashing in Ethereum, updates forecast for Bitcoin and a low-cap altcoin
A widely followed crypto strategist says Ethereum (ETH) will send a bullish reversal signal when paired with Bitcoin (ETH/BTC).
Trader Michaël van de Poppe tells his 685,700 followers on social media platform X that he believes Ethereum will outperform Bitcoin in the coming weeks.
According to the analyst, ETH/BTC is showing a bullish divergence on the weekly chart, suggesting that the pair may be preparing for an upward move.
“I personally believe that Ethereum will outperform Bitcoin in the coming period and this has started since the ETF (Exchange Traded Fund) approval.
A massive weekly bullish divergence emerged, but it is facing key resistance at 0.06 BTC ($2,385).
A little more consolidation and then things will probably look up.”
Source: Michael van de Poppe/X
Looking at the trader's chart, he seems to believe that ETH/BTC will rise as high as 0.13 BTC ($5,168) at some point this year.
At the time of writing, ETH/BTC is worth 0.05596 BTC ($2,224).
As for Bitcoin itself, Van de Poppe thinks BTC could fall to around $38,000 before finding support.
“Bitcoin is at range low and is actually in accumulation territory.
Furthermore, this also means that buying altcoins will be gradual as these 20-40% dips represent a great opportunity.”
Source: Michael van de Poppe/X
At the time of writing, Bitcoin is trading at $39,800.
Van de Poppe is also closely monitoring the price development of blockchain data aggregator Covalent (CQT). According to Van de Poppe, CQT is likely to head towards its next support level at around $0.15 before triggering a strong increase.
“One of the youngest runners was TIA (Celestia), but competitors are also likely to gain momentum.
CQT is one of them. The market capitalization, like the entire market, is relatively low and tends to correct.
This presents opportunities and I think CQT is one of them before it hits $0.42.”
Source: Michael van de Poppe/X
At the time of writing, CQT is trading at $0.214.
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