Ethereum, the second largest altcoin by market capitalization, is poised to rip. Crypto analyst Michaël van de Poppe is pretty bullish on its prospects, despite Bitcoin’s surge in dominance. Van de Poppe suggests that Ethereum is gearing up for a substantial move against Bitcoin, potentially leading the way during the anticipated altcoin season. Inflow into Ethereum ETFs this week may only serve to stoke this bullish outlook even more.
Ethereum's Bullish Setup
According to Van de Poppe, a bullish continuation setup has developed on Ethereum’s chart. And while Bitcoin’s market dominance has recently cleared the 64% level, he thinks Ethereum is getting ready to take the lead. According to Van de Poppe, the optimal entry point for investors lies somewhere between 0.022 and 0.023 on the ETH/BTC chart. This opportunity only comes along during a liquidity trap.
Van de Poppe is stressing that there might be one last dip for Ethereum before it makes its move up. Investors shouldn’t let this potential downward move stop them, as it would be followed by a major rally. He compares this cycle to 2020 where for the most part Bitcoin started strong but as altcoins gained traction and market share.
Potential Price Targets
Should the bullish continuation setup develop, Ethereum price could climb toward $4,000. Additionally, a strong rally might push Ethereum above its ATH of $4,800. It’s not just me who’s so positive on the outlook. Crypto market prognosticators Titan of Crypto recently predicted a potential rally to $8,500 in this market cycle.
According to Van de Poppe’s analysis, upward momentum for the altcoin market cap is looking strong in the short term. Given Ethereum’s past leadership position during altcoin seasons, its surge potential would likely spark broader market growth.
Overcoming Bitcoin Dominance
Even though some fear that increasing Bitcoin dominance might kill the growth of altcoins, Van de Poppe is still optimistic about Ethereum’s future success. He knows that perhaps the majority of crypto investors do not believe an altcoin season is coming soon. He’s adamant that Ethereum is primed for a breakout.
Recent inflows into new Ethereum ETFs give credence to this positive bullish outlook. These institutional investments signal growing confidence in Ethereum’s long-term potential and could contribute to Ethereum’s anticipated price surge.
