Cryptocurrency analyst Michaël van de Poppe shared his assessment of Ethereum’s short-term price outlook. The analyst argued that Ethereum is on the verge of an upward move, similar to Bitcoin.
According to Van de Poppe, Ethereum has been exhibiting a steady upward trend recently and is trading quite close to a critical resistance level. The analyst stated that a clear break above the €2,070 level (approximately $2,435) could trigger an acceleration in price action.
The analyst also drew attention to resistance levels, stating that the first important area is at 2,350 euros (approximately $2,765), and the second strong resistance is at 2,900 euros (approximately $3,412). Van de Poppe argued that a breakout following a three-month consolidation period is not expected to be weak, therefore a pause at the first resistance is unlikely.
According to the analyst, given the current market structure, a direct rise for Ethereum towards the €2,900 (around $3,400) level is a more likely scenario.
On the other hand, van de Poppe added that if Bitcoin continues its rise towards the $84,000-$87,000 range, a stronger rally could be seen in the altcoin market.
*This is not investment advice.
