Michaël van de Poppe, a well-known crypto analyst and founder of MN Trading, recently shared his insights on the two critical levels that Ethereum needs to watch against Bitcoin.
In a tweet, van de Poppe outlined the two key levels that could potentially shape Ethereum’s future price action.
The first level is the support at 0.049 BTC, which, if tested and liquidity is taken away, could spark personal interest in the cryptocurrency. The second level is the resistance at 0.06 BTC, which represents a 2-year downtrend. If Ethereum manages to break through this level, it could signal a significant shift in market sentiment and potentially lead to further price appreciation.
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Experts Predict Ethereum’s Price Range for the Week
Cryptocurrency experts at Changelly have shared their predictions for the week. Changelly’s analysis predicts that ETH will reach a minimum price of $3,436, a maximum price of $3,500, and an average price of $3,480.
These predictions suggest that while ETH may experience some fluctuations throughout the week, it is likely to maintain a relatively stable price range. However, the question on many investors’ minds is whether ETH can break through the $4,000 mark this week.
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Growing expectations of ETH exchange-traded fund (ETF) approval have largely contributed to the recent surge in Ethereum’s price. An ETF would provide investors with a more accessible and regulated way to gain exposure to Ethereum, potentially driving up demand and price.
However, the current market sentiment has dampened the likelihood of ETH surpassing the $4,000 mark this week due to Bitcoin’s struggle to push further highs.
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Bitcoin’s performance heavily influences Ethereum’s price action, but it’s important to acknowledge the Ethereum ecosystem’s growing strength and maturity.
As more projects and users flock to the Ethereum network, the long-term prospects for the cryptocurrency remain promising. However, the overall market sentiment and Bitcoin’s price action will likely continue to influence Ethereum’s price in the short term.