A widely followed crypto analyst says the following few days can either confirm or deny a reversal for Ethereum (ETH) as it trades against Bitcoin (ETH/BTC).
Crypto trader Michaël van de Poppe tells his 723,500 followers on the social media platform X that certain signs point to a bullish ETH divergence.
“These are great signs on the markets, as ETH has made its first bullish divergence in the daily timeframe in more than two years.
The question is: Will this be the actual reversal signal?
We’ll be seeing that in the next 2-3 days.”
In an update tweeted less than 24 hours after the above analysis, Van de Poppe confirms that ETH/BTC’s bullish divergence was a go.
“The bullish divergence on Ethereum is still active.
I’d like to see a 0.042 BTC hold for ETH, after which we should expect another upward push.
ETF flows are stagnating and slightly turning positive –> green September coming up?”
ETH is trading for 0.042 BTC at time of writing, or $2,452. The leading smart contract platform is down 4.5% against the US dollar in the last 24 hours. Meanwhile, BTC is currently worth $58,250, down 3.3% against the US dollar in the same period.