Ethereum (ETH) is currently at a crucial point, with a potential bullish breakout predicted by esteemed crypto analyst Michaël van de Poppe. In a recent tweet, van de Poppe shared his insights, suggesting that Ethereum was nearing its 2022 low and was likely to gather liquidity at this point.
He speculated that if a spot ETF for Bitcoin (BTC) were to be approved, there could be a liquidation candle on the trading chart for the pair. This would be followed by a rotation of funds into Ethereum, accompanied by 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 considerable rise, increasing 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 anticipating a breakthrough, with financial giant BlackRock leading the way. BlackRock, along with other notable 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 predictions suggesting a decision could come as early as this Wednesday. A positive outcome could create a ripple effect in the wider cryptocurrency market, not only impacting Bitcoin but also potentially leading to a rotation of funds into Ethereum.
Michaël Van de Poppe’s prediction is based on the idea that Bitcoin spot ETF approval 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 | U.S. Securities and Exchange Commission, Valkyrie, Grayscale Investments, BlackRock, ARK 21Shares |
| Currencies | Bitcoin, Ethereum, united states dollar |
| Securities | None |
