A widely followed crypto analyst is suggesting that Ethereum (ETH) is reaching a decision point.
Crypto trader Michaël van de Poppe tells his 724,400 followers on the social media platform X that ETH’s next move depends on how it trades against Bitcoin (ETH/BTC).
“ETH remains to be in an indecisive state of mind.
Bullish divergence is applicable, but there is no follow-through.
If it drops sub 0.042 BTC, I expect we will see a fall beneath 0.04 BTC and a denial of the divergence.”
Ethereum is worth 0.042 BTC ($2,287) at time of writing, just holding Van de Poppe’s level.
Diving deeper into BTC, the analyst calls for Bitcoin to fall to $53,000 before hitting a reversal.
“There we go; markets took liquidity above and are puking and taking liquidity on the downside.
Likely we’ll be seeing $53-54,000 before we surge back upwards.
What’s crucial for Bitcoin? Reclaim $56,000 first after the dip.”
According to the crypto trader, BTC will bounce back up to the $57,000 region after completing its fall.
“Bitcoin continues to fall and we were assuming it would.
Took the liquidity beneath the recent low and doesn’t continue to fall, although I think we will.
Perhaps we’ll take the liquidity at $54,300 and reverse upwards, target then is $57,300.”
BTC is trading for $54,137 at time of writing.