A widely followed cryptocurrency analyst is expressing bullish sentiment on Ethereum (ETH), the second-largest digital asset by market capitalization.
Michael van de Poppe, cryptocurrency strategist To tell His 691,900 followers on social media platform
According to Van de Poppe’s chart, Ethereum appears to have converted the resistance level around $2,145 into a support zone.
At the time of writing, Ethereum is trading at $2,358, about 48% below Van de Poppe's bullish price target.
According to the analyst, Ethereum's upcoming Dencun upgrade, which aims to enhance the second-largest cryptocurrency's scalability and reduce transaction costs, will act as a further bullish catalyst.
Mr. Van de Poppe on the outlook for the combination of Ethereum and Bitcoin (BTC) To tell,
“In terms of trades, we would like to see confirmation above 0.0600000 BTC ($2,676) or below the lows. I think the scenario is first.”
Based on Van de Poppe's chart, the analyst states that the ETH/BTC pair typically sees success in the first quarter of the year. He also noted that Ethereum is showing signs of potentially reversing its downtrend on the daily and three-day charts.
At the time of writing, ETH is trading at 0.05506000 BTC ($2,455).
Turning to Bitcoin, Van de Poppe said the flagship crypto asset has potential. arrival 48,000 until the halving scheduled for April.
“Bitcoin is still at an intermediate level.
This means there is still a period of consolidation, and I think Ethereum will start to outperform from there, especially if the upgrade is successful. ”
At the time of writing, Bitcoin is trading at $42,978.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
