Ethereum Price Prediction: Analyst Predicts 100% Rise Against Bitcoin
January 12 2024 - 3:00PM
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Crypto analyst Michaël Van De Poppe recently made a bullish
prediction for the Ethereum price against Bitcoin in the near
future, noting the path for this to happen. According to a social
media post by the analyst, price action on the ETH/BTC pair for the
next months will center around spot Bitcoin ETFs, with a rotation
into ETH also in the prediction. Analyst’s Prediction of 100%
Ethereum Price Rise Against Bitcoin Michaël Van De Poppe recently
took to X to share a chart of Ethereum’s price performance against
Bitcoin (ETH/BTC pair) on the weekly timeframe. Price action on the
chart forms green (bullish) candles during periods of Ethereum’s
performance over Bitcoin, while red (bearish) candles are formed
during periods of Ethereum’s underperformance against Bitcoin.
Related Reading: XRP And XLM Price Correlation Persists, Ripple CTO
Explains Why Taking a look at the chart shared by Van De Poppe
shows that Ethereum’s performance on the ETH/BTC pair has been on a
decline since the middle of 2022. This decline particularly
increased during the last quarter of 2023, as the enthusiasm
regarding spot Bitcoin ETFs led to a surge in the price of Bitcoin.
Consequently, the analyst noted that 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
eventually lead to a rotation into Ethereum, combined with a
bullish weekly divergence. As a result, the ETH/BTC
pair would be propelled to a target just above 0.12 by the
rotation, signifying an increase of more than 100%. Notably, the
last time ETH reached this level on the ETH/BTC pair was during the
crypto’s first major bull run in 2018. #Ethereum approaches
the low of 2022 and is likely going to take the liquidity there. If
an ETF approval for #Bitcoin happens, I think we’ll have a
liquidation candle on ETH/BTC and after that a rotation into
Ethereum, combined with a bullish weekly divergence.
pic.twitter.com/kGq91S7kq9 — Michaël van de Poppe (@CryptoMichNL)
January 9, 2024 ETH bulls regain control of price | Source: ETHUSD
on Tradingview.com The Rotation Game Has Started Spot Bitcoin ETFs
have been approved by the SEC on Wednesday, 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, about where it was when the news of the approval of spot
Bitcoin ETFs came out. At the same time, 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. Related Reading: Is Cardano The Next
Solana? Institutional Investors Clamor For ADA Exposure According
to another post on social media by Michaël Van De Poppe price
action since the approval of spot Bitcoin ETFs suggests that the
rotation is already happening on the ETH/BTC pair. “The rotation
game is happening already,” he stated, adding a $3,500 price target
for ETH. The rotation game is happening already. A massive weekly
bullish divergence on the $ETH / $BTC pair suggesting that we’re
going to have a strong run on Ethereum, and altcoins. We’re at
January 2016, good times ahead. Ethereum to $3,500.
pic.twitter.com/H72vZDFNFR — Michaël van de Poppe (@CryptoMichNL)
January 11, 2024 Investors are now anticipating the approval of
spot Ethereum ETFs, which could also drive up the price of ETH.
Featured image from AMBCrypto, chart from Tradingview.com
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