A widely followed crypto analyst and trader believes that Ethereum (ETH) is on the brink of a major breakout.
michael van de poppe To tell The 691,900 followers on social media platform X said there are three main reasons why he believes ETH could soon appreciate more than 70% from its current value.
He believes the completion of ETH’s next major upgrade, called Dencun, will help increase the value of the network. Dencun aims to reduce the transaction costs of his ETH in layer 2 projects and address scalability issues.
Other catalysts, the trader said, include the possibility of a spot exchange-traded fund (ETF) for ETH, and the possibility of a Bitcoin (BTC) exchange rate after the crypto tycoon’s April halving event, which will cut miner rewards in half. There is a possibility that the profits will be funneled into ETH.
“Ethereum is still poised to reach $3,500-$4,000 within the next 3-6 months.
- Dencun will be upgraded in the final testnet on February 7th.
- Ethereum Spot ETF Hype.
- Rotation of Bitcoin into the rest of the ecosystem after the halving. ”
Looking at his chart, the trader says that Ethereum is showing a bullish pattern of rising lows, suggesting that it is on the verge of reversing to the key level of support at $2,336.
At the time of writing, Ethereum is trading at $2,309.
Next is the contractor Predict Bitcoin will rise to $51,000 before the halving and then correct to the low $40,000 range.
“Bitcoin is consolidating and making a boring move. It will probably head for higher lows after the slight push to $48,000-$51,000 before the halving.”
At the time of writing, Bitcoin was trading at $43,357, up more than 2% in the past 24 hours.
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