Altcoins
Top Crypto Analyst Sees Ethereum and Altcoin Reversal Coming: “Back Up in the Next Weeks”
Crypto analyst Michael van de Poppe analyzed the altcoin’s recent sharp price decline, stating that it expects a reversal in the coming weeks.
What happened: Van de Poppe attributes the altcoin’s significant crash to a combination of factors, including market events and regulatory uncertainties. It highlights the crucial role of Ethereum ETH/USD ETF, which initially increased the price of Ethereum by 20% to $3,800 after the 19b-4 files were approved.
However, uncertainty over the approval of the S-1 files required by the SEC for listing has since led to stagnation in Ethereum’s price and heavy corrections for altcoins.
The analyst added“The probability of these approvals is close to 100%, it’s just a question of timing“, highlighting potential summer approvals planned by the SEC chairman Gary Gensler.
Despite positive CPI and PPI data favoring risky assets like cryptocurrencies, Federal Reserve Chairman Jerome PowellThe hawkish tone led to a less favorable market reaction. “Crypto needs QE and rate cuts because a climate where risks can be taken is ideal for crypto investors to continue investing in altcoins.”
Read also: Five Critical Ethereum and Solana Altcoin Trends to Know About
Why is this important: Van De Poppe stressed that the approval of the Ethereum Spot ETF “will signal that Ethereum is a commodity and the rest of the ecosystem will likely be classified as a commodity as well.” He also adds that the event could be a “sell the rumor, buy the news” type event for the entire market.
Van de Poppe expects a market reversal in the next two weeks, driven by more clarity on Ethereum ETF approvals and a possible easing of dollar strength. “It seems very unlikely that we will continue to experience such bearish momentum in the cryptocurrency markets and instead reverse in the coming weeks,” he concludes, optimistic about a rebound.
The trader’s analysis suggests that traders and investors must remain agile, closely monitoring these developments to capitalize on emerging opportunities.
And after: The influence of Ethereum as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
Read next: Altcoin season on the horizon? Analysts point to potential early peak
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This content was partially produced using AI tools and was reviewed and published by Benzinga editors.