After the Spot Bitcoin ETF approval, BTC did not move in line with investors’ expectations.
While BTC exhibited sharp upward and downward movements, the largest altcoin Ethereum and altcoins recorded significant increases.
At this point, ETH exceeded $2,600, while many altcoins such as Arbitrum (ARB) experienced double-digit increases.
While one of the factors that triggered the rise of ETH was the expectation that spot Ethereum ETFs would be approved after Bitcoin ETFs, Ethereum analysis came from successful analyst Michale van de Poppe.
Stating that he expects Ethereum to maintain a healthy rise, the analyst predicts that the price will exceed important targets.
Poppe, who believes that the ETH price can reach $ 3,500 very soon, said:
“The critical zone for the continuation of the rise in Ethereum is $2,130. ETH remained there for a long time and these levels have become strong support levels for ETH.
However, the recent rise has changed the situation for ETH and it seems ready for a rise above $2700.
After that, there will be a breakout towards new cycle highs around $2,700 and I expect ETH to continue towards $3,500 in the next 2-3 months.”
Ethereum is trading at $2,678 at the time of writing.
#Ethereum flipped the crucial level at $2,130 for continuation.
After that, breakout towards new cycle highs at $2,700 and looking for continuation to $3,500 in the coming 2-3 months. pic.twitter.com/4m1RkEUqxp
— Michaël van de Poppe (@CryptoMichNL) January 12, 2024
*This is not investment advice.
