Successful analyst Michael van de Poppe, who draws attention with his successful predictions and analyzes on Bitcoin and altcoins, evaluated Ethereum in his last post.
At this point, Poppe said that although Ethereum did not perform very well compared to Bitcoin, he thought ETH would rise after the ETF approval.
Stating that ETH is at a critical level, Poppe stated that Ethereum is approaching the lowest level of 2022 and may possibly attract liquidity at this level.
Poppe also pointed out that there may be a liquidation candle in the ETH/BTC transaction parity and argued that investors will return to Ethereum after the approval of the ETFs.
It was also stated that the ETH/BTC trading pair reached its lowest level since May 2021.
“Ethereum is approaching its 2022 low and will likely drive liquidity to that level.
“If an ETF approval for Bitcoin occurs, I think there will be a liquidation candle in ETH/BTC followed by a return to Ethereum with a weekly bullish divergence.”
#Ethereum approaches the low of 2022 and is likely going to take the liquidity there.
If an ETF approval for #Bitcoin happens, I think we'll have a liquidation candle on ETH/BTC and after that a rotation into Ethereum, combined with a bullish weekly divergence. pic.twitter.com/kGq91S7kq9
— Michaël van de Poppe (@CryptoMichNL) January 9, 2024
Ethereum continues to trade at $2,266 at the time of writing.
*This is not investment advice.
