Crypto analyst Michaël Van De Poppe has made a bullish prediction for the Ethereum price against Bitcoin in the near future. He noted that the price action on the ETH/BTC pair for the upcoming months will be influenced by spot Bitcoin ETFs, with a rotation into ETH also predicted.
Van De Poppe shared a chart of Ethereum’s price performance against Bitcoin (ETH/BTC pair) on the weekly timeframe. The chart shows green (bullish) candles during periods of Ethereum’s performance over Bitcoin, and red (bearish) candles during periods of Ethereum’s underperformance against Bitcoin. Ethereum’s performance on the ETH/BTC pair has been declining since mid-2022, particularly during the last quarter of 2023, due to the enthusiasm regarding spot Bitcoin ETFs which led to a surge in the price of Bitcoin. As a result, Ethereum’s price performance 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 on ETH/BTC to eventually take the liquidity around the 2022 low. This would lead to a rotation into Ethereum, combined with a bullish weekly divergence. Consequently, the ETH/BTC pair would be propelled to a target just above 0.12 by the rotation, signifying an increase of more than 100%. The last time ETH reached this level on the ETH/BTC pair was during the crypto’s first major bull run in 2018.
Spot Bitcoin ETFs have been approved by the SEC, causing the price of Bitcoin to spike to $48,600, its highest point since April 2022. However, the price of Bitcoin has stalled and is now trading at $45,839. Meanwhile, Ethereum rose over $2,500 to reach $2,600, its highest point since April 2022. Ethereum has maintained this gain to outperform Bitcoin and is trading at $2,618 at the time of writing.
Van De Poppe suggests that the rotation is already happening on the ETH/BTC pair since the approval of spot Bitcoin ETFs. He stated, “The rotation game is happening already,” adding a $3,500 price target for ETH. Investors are now anticipating the approval of spot Ethereum ETFs, which could also drive up the price of ETH.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Michaël Van De Poppe |
| Companies | NewsBTC, AMBCrypto, Tradingview.com, SEC |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
