Ethereum (ETH) is at a pivotal point in the ever-changing cryptocurrency market, and prominent analyst Michaël van de Poppe is calling for a possible bullish breakthrough. Van de Poppe shared his observations in a recent tweet, saying that Ethereum was getting close to the 2022 bottom and would probably take in liquidity at that point.
He stated that he thought there may be a liquidation candle on the trading chart for the ETH/BTC trading pair if a spot ETF for Bitcoin (BTC) was approved. Analyst Van de Poppe predicted a fund movement into Ethereum after this, along with a strong weekly divergence.
https://x.com/CryptoMichNL/status/1744677646800232586?s=20
The latest statistics shows that Ethereum is currently worth $2,294, which represents a notable 3.04% increase over the previous day. Over this time, trade volume has increased significantly, rising by 36.14% to $12.48 billion at its highest point. Following this little increase, CoinGlass reports that ETH has seen short liquidations of $21.60 million and long liquidations of $11.79 million.
Spillover effect
The U.S. Securities and Exchange Commission’s (SEC) possible approval of a Bitcoin spot ETF is the main focus of van de Poppe’s investigation. The market for cryptocurrencies is expecting a breakthrough, and financial giant BlackRock is leading the way. Lately, BlackRock and other well-known companies as Valkyrie, Grayscale Investments, and ARK 21Shares filed revised 19b-4 forms for their planned spot Bitcoin exchange-traded funds.
As BlackRock shows confidence in the SEC’s approval of its spot Bitcoin ETF, the market is becoming more optimistic. Expectations are that the SEC may make a judgement as soon as this Wednesday. A favourable result may have a knock-on effect for the cryptocurrency market as a whole, affecting not just Bitcoin but also perhaps causing money to shift into Ethereum.
Michaël Van de Poppe’s forecast is predicated on the idea that Ethereum might see a significant rise in response to the approval of the Bitcoin spot ETF. Traders and investors are keeping a careful eye on these developments because they understand how intertwined cryptocurrencies are and how important regulatory decisions may have unintended consequences. At this crucial point, Ethereum’s investors are waiting for further information from authorities and major cryptocurrency companies.
