Crypto analyst Michaël Van De Poppe recently gave an optimistic forecast for the Ethereum price against Bitcoin in the near future, showing the path for it. According to a social media post from the analyst, price action in the ETH/BTC pair over the next few months will be focused on spot Bitcoin ETFs, with rotation in ETH also predicted.
Analysts predict a 100% price increase for Ethereum over Bitcoin
Michaël Van De Poppe recently used X to share a chart of the price movement of Ethereum versus Bitcoin (ETH/BTC pair) on the weekly time frame. The price action on the chart forms green (bullish) candles during periods when Ethereum is underperforming against Bitcoin, while red (bearish) candles are formed during periods when Ethereum is underperforming against Bitcoin.
Looking at the chart shared by Van De Poppe, Ethereum's performance on the ETH/BTC pair has been declining since mid-2022. This decline particularly increased in the last quarter of 2023, when the Enthusiasm for spot Bitcoin ETFs led to an increase in the price of Bitcoin. Consequently, the analyst noted that Ethereum price action against Bitcoin is now around the 2022 low of 0.04922.
According to Van De Poppe, the approval of the long-awaited spot Bitcoin ETFs could lead to the creation of another liquidation candle in ETH/BTC to eventually bring liquidity close to the 2022 lows. This would eventually lead to a rotation in Ethereum coupled with a bullish weekly divergence.
As a result, the rotation would push the ETH/BTC pair to a target of just above 0.12, a rise of more than 100%. Notably, the last time ETH reached this level on the ETH/BTC pair was during the cryptocurrency's first major bull market in 2018.
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#Ethereum is approaching the 2022 low and will likely take liquidity there.
If an ETF approval occurs for #Bitcoin, I believe we will have a liquidation candle on ETH/BTC and a rotation to Ethereum after that, combined with a bullish weekly divergence. pic.twitter.com/kGq91S7kq9
– Michaël van de Poppe (@CryptoMichNL) January 9, 2024
ETH bulls regain price control | Source: ETHUSD on Tradingview.com
The rotation game has begun
Explore Bitcoin ETFs have been approved from the SEC on Wednesday, causing the price of Bitcoin to rise to $48,600, its highest level since April 2022. The Bitcoin price has stalled and is now trading at $45,839, roughly where it was when news of spot Bitcoin ETF approval broke.
At the same time, Ethereum rose over $2,500 and reached $2,600, its highest level since April 2022. Ethereum did this maintained this profit To Outperform Bitcoin and is trading at $2,618 at the time of writing.
According to another post by Michaël Van De Poppe on social media, price action since the approval of spot Bitcoin ETFs suggests that the rotation is already happening on the ETH/BTC pair.
“The rotation game is already happening,” he explained, adding a $3,500 price target for ETH.
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The rotation game is already taking place.
A massive weekly bullish divergence in the $ETH/$BTC pair suggests that we will see a strong rally in Ethereum and altcoins.
We are in January 2016, good times are ahead. Ethereum to $3,500. pic.twitter.com/H72vZDFNFR
– Michaël van de Poppe (@CryptoMichNL) January 11, 2024
Investors are now pending the approval of spot Ethereum ETFswhich could also drive up the price of ETH.
Featured image from AMBCrypto, chart from Tradingview.com
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