Ethereum (ETH), a leading player in the cryptocurrency market, is currently at a crucial point, according to renowned crypto analyst Michaël van de Poppe. In a recent tweet, van de Poppe shared his insights, suggesting that Ethereum is nearing its 2022 low and is likely to gather liquidity at this level.
Van de Poppe predicts a potential bullish breakout for Ethereum, especially if a spot ETF for Bitcoin (BTC) gets approved. He anticipates a liquidation candle on the trading chart for the trading pair in such a scenario. This could be followed by a rotation of funds into Ethereum, leading to a bullish weekly divergence.
As per the latest data, Ethereum is currently valued at $2,294, marking a significant 3.04% increase in the last 24 hours. The trading volume during this period has seen a substantial rise, escalating by 36.14% and reaching a peak of $12.48 billion. Following this modest rally, ETH has seen $21.60 million in short liquidations and $11.79 million in long liquidations, as reported by CoinGlass.
The crux of van de Poppe’s analysis is the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). The cryptocurrency market is eagerly awaiting this development, with financial giant BlackRock leading the way. BlackRock, along with other major firms such as Grayscale Investments, Valkyrie, and ARK 21Shares, has recently submitted updated 19b-4 filings for their proposed spot Bitcoin ETFs. Market sentiment is growing as BlackRock expresses confidence in the SEC’s approval for its spot Bitcoin ETF, with expectations pointing to a decision as early as this Wednesday.
A positive outcome could set off a ripple effect in the broader cryptocurrency market, impacting not only Bitcoin but also potentially leading to a rotation of funds into Ethereum. Van de Poppe’s prediction is based on the idea that the approval of a Bitcoin spot ETF could trigger a significant uptrend for Ethereum. Traders and investors are keeping a close eye on these developments, acknowledging the interconnected nature of cryptocurrencies and the potential spillover effects of major regulatory decisions.
As Ethereum stands at this critical juncture, the market is waiting for further clarity from regulatory bodies and key players in the cryptocurrency space.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Michaël van de Poppe |
| Companies | Grayscale Investments, ARK 21Shares, BlackRock, U.S. Securities and Exchange Commission, Valkyrie |
| Currencies | Ethereum, united states dollar, Bitcoin |
| Securities | None |
