Crypto strategist Michaël van de Poppe believes that Ethereum (ETH) is close to witnessing a big trend shift.
Van de Poppe tells his 717,600 followers on the social media platform X that he doesn’t expect the U.S. Securities and Exchange Commission (SEC) to approve pending applications for spot Ethereum exchange-traded funds (ETFs) in the coming weeks.
The SEC is slated to approve, delay or deny the ETH ETF applications by financial giants Hashdex and Ark 21Shares on May 30th after postponing it in March.
Van de Poppe predicts that the SEC’s decision will end up being a pivotal point for the top altcoin by market cap.
“This is a very likely scenario with Ethereum, through which the delay/denial in two weeks is the big moment of reversal for ETH and the markets.”
Source: Michaël van de Poppe/X
Looking at the trader’s chart, he seems to predict that ETH will plunge below $2,700 before reversing and rallying to $3,800.
At time of writing, ETH is worth $2,920.
Next up is the layer-1 crypto project AIOZ (AIOZ). According to the analyst, he expects AIOZ to sustain its bullish momentum as long as it continues to trade above $0.65.
“This one looks very promising and is one of the strongest trending assets.
In-trend level to hold: $0.65-0.68.
If that’s lost, then the long-term investment region comes into play.
If we hold, I expect $1.35-1.45 might seem next.
Very strong one.”
Source: Michaël van de Poppe/X
At time of writing, AIOZ is trading for $0.795.
Another altcoin on the trader’s list is the Ethereum scaling solution Arbitrum (ARB). Van de Poppe thinks that ARB is very close to carving a bottom.
“This one has a full correction and is at the end stage of the correction. Massive cascade in the past weeks, through which the markets often fill that wick in the weeks after. In that regard, markets are close to the end of the correction.”
Source: Michaël van de Poppe/X
Based on the trader’s chart, he seems to predict that ARB will bottom out at around $0.90.
The last altcoin on Van de Poppe’s radar is the native asset of the video-sharing blockchain Verasity (VRA). According to the analyst, VRA is in a full-blown downtrend and may find support at $0.004
“A full retracement is happening, which is relatively common for altcoins in this stage of the cycle.
An important area of support, and I think most of the pain is already in.
This support has held in the past, and I expect to do the same here.”
Source: Michaël van de Poppe/X
At time of writing, VRA is worth $0.0051.
Generated Image: Midjourney
