Recent Statements By Popular Crypto Traders And Analysts Suggest A Bullish Reversal For Ethereum.
Crypto analysts seem to be changing tune and going bullish on ETH.
After a tumultuous stretch of endless weeks, Ethereum seems to be setting up for a bullish revival. That’s according to several popular crypto analysts and traders who have had their eyes trained on the coin for months.
Peter Brandt: Is ETH’s Falling Trend Ending?
In a recent tweet, trader Peter Brandt shared an ETH chart suggesting that the coin will no longer fall in value. ETH has had its fair share of downward volatility over the last few weeks and months. The price also went below the $1k mark.
— Peter Brandt (@PeterLBrandt) July 15, 2022
According to the chart shared by Brandt, ETH is making an inverse Head and Shoulder pattern which is an s a bearish reversal pattern and an indication that the price may rise. If ETH is able to continue the upward price trend, the coin may rise to $1700.
Peter’s change of opinion points to the dynamic nature of the crypto market, that’s known to be volatile. About a month ago, Peter appeared to be extremely bearish on ETH, given the market dynamics back then. He even suggested that Ethereum could fall as low as $300. A lot has changed since then, and along with it, a corresponding change of opinions by various crypto enthusiasts.
Michael Van De Poppe: ETH Could Spring To $1,500
Another trader known for his sharp analysis is Michael van de Poppe. According to him, ETH could be gearing for the $1,400-$1,500, but one condition – the coin must break the resistance at $1,140. Doing so would give Ethereum enough momentum to set its eyes on a higher target. Michael tweeted this analysis a few days ago. At this time, ETH is trading at around $1,224, having broken above its set resistance level. The coin has already recorded a 24-hour gain of 7.3%.
Crucial zones for #Ethereum to watch.
— Michaël van de Poppe (@CryptoMichNL) July 12, 2022
In another tweet, Michael opined that as the crypto market is undergoing a correction, the unexpected collapse of Terra and subsequent bankruptcy of entities like 3AC have taken a toll on BTC and others, making them way less valuable than they should be at the moment. He added that for this reason, Bitcoin could sprint to $30k if it breaks above the $22k resistance. The coin is currently trading at around $20,800.