DailyBubble News
DailyBubble News

Ethereum Holding Crucial Support Level, Top Analyst Predicts Potential Breakout

The focus of the crypto market is on the upcoming spot Ethereum ETFs, expected to be approved by July 4 and draw in up to $15 billion in initial investments. Ethereum experienced a sell-off following Bitcoin’s decline, but rebounded today with a 3% surge, reaching $3456.

Renowned crypto analyst Michael van de Pop highlighted a significant technical aspect of ETH, noting its ability to hold a crucial support level well. This indicates potential upward movement for Ethereum and other altcoins.

Van de Pop pointed out that Ethereum has demonstrated resilience by maintaining a critical support level amid recent market volatility. This stability is viewed positively by traders and analysts, signaling a possible continuation of ETH’s price uptrend.

He also speculated that if ETH manages to climb towards 0.06 BTC, a significant breakout could occur, potentially strengthening altcoins for the rest of the year. Van de Pop’s analysis comes at a time of fluctuating market conditions for cryptocurrencies, with Ethereum currently trading around key technical levels.

Ethereum’s price is currently below the 50-day but above the 200-day simple moving average, reflecting a battle between bearish and bullish forces. The relative strength index (RSI) suggests ongoing bearish momentum, indicating that the sell-off may not be over.

Despite a recent drop from its peak of nearly $4,000, Ethereum’s path forward remains uncertain. If ETH falls below 3300, it could decline to $3,200 and possibly $3,000.

However, the launch of spot Ethereum ETFs could positively impact market sentiment. If ETF inflows increase, Ethereum could rally to around $4,500, potentially surpassing $5,000.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x