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Will the upward trend of Ethereum price resume? The famous analyst answers

Will the upward trend of Ethereum price resume?  The famous analyst answers

Michael van de Poppe (Michaël van de Poppe) is the name of one of the prominent analysts in the world of cryptocurrencies. In his latest analysis, he stated that the recent drop in the price of Ethereum has actually broken the pullback to the resistance level and we will probably see the continuation of the upward trend of ETH.

This article is just a translation of the source news and is not in any way a recommendation to buy, sell or invest in the cryptocurrency market.

According to Mihan Blockchain and quoted by Daily Hodel, Fan De Pepe a tweet It refers to the Ethereum price chart on the daily time frame. In the final analysis, he considered the current prices to be nearing the end of the ETH price correction. Meanwhile, we are less than 20 days away from the Marj Ethereum event.

Of course, this analyst has considered the support level of $1,300 to $1,350 as critical for Ethereum, and if it is lost, his analysis will be invalidated and one should wait for the fall. ether price to be 1000 dollars. On the other hand, if this level is supported, the recent price drop can be considered the only pullback to this level (which was considered resistance in the past and was broken).

Daily Time Frame Ethereum Price Chart Source: TradingView
Daily Time Frame Ethereum Price Chart Source: TradingView

In the chart above, by drawing the Fibonacci levels in the trend formed between the prices of $883 and $2,036 Ethereum, this analyst has come to the conclusion that we can wait for the price of $2,776 Ethereum.

Fan De Pepe continues to analyze the chart of the ETH/BTC currency pair (the value of Ethereum compared to Bitcoin). He has called the support level of 0.071 to 0.0725 BTC as the support area that has been maintained in these recent market falls and if not lost, the recent fall in the price of Ether can be considered as just a price correction in the upward trend. The analyst envisaged a target of 0.1 BTC for Ethereum, which is equivalent to the price of Ethereum reaching 10% of the price of Bitcoin.

ETH/BTC 3-Day Time Frame Chart Source: TradingView
ETH/BTC 3-Day Time Frame Chart Source: TradingView

In order to determine the state of the market trend, this analyst has looked at the chart of the total value of the cryptocurrency market (market cap) in the weekly time frame. According to this chart, the 200-week moving average of the market cap has always played a supporting role for the market. The index is now rallying, and a further drop in total market capitalization below $1 trillion has allowed this support to be retested.

The interesting thing is that, unlike Bitcoin and Ethereum, which lost their 200-week moving average support; The market cap continues to maintain this support (red line). Van de Pepe believes that if this area is supported again, we will see the formation of a higher valley price action (Higher low) in this chart, which can confirm the upward trend of the market. He considered the range of 1.19 trillion dollars as the main resistance of this chart.

Cryptocurrency Market Cap Chart Weekly Time Frame Source: TradingView
Cryptocurrency Market Cap Chart Weekly Time Frame Source: TradingView

Currently, the price of Ethereum is equal to 1491 dollars, and the price of Ethereum in Iranian exchanges is about 45 million Tomans.

  • Where are the support and resistance levels of the Ethereum price?

According to Fan De Pepe’s analysis, the $1,300-$1,350 range is considered to be an important support for Ether, and the $2,000 and $2,776 areas are ETH price resistances.

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