Ethereum Holding Crucial Support Level, Top Analyst Predicts Potential Breakout

On Jun 27, 2024

The crypto market’s attention has turned to the upcoming spot Ethereum ETFs, which is likely to be approved by July 4, and expected to attract up to $15 billion in initial investments. Ethereum has recently faced a sell-off after Bitcoin’s drop, but today it quickly bounced back today with Ethereum surging by 3% and trading at $3456.

Meanwhile, well-known crypto analyst Michael van de Pop pointed out an important technical detail about ETH, noting it has held a key support level well. This suggests potential upward movement for Ethereum and other altcoins.

Ethereum Holds Crucial Support

Michael van de Pop points out that Ethereum (ETH) has shown resilience by maintaining a critical support level amidst recent market volatility. This stability is seen as a positive signal by many traders and analysts, indicating a possible continuation of the uptrend in ETH’s price.

From a technical standpoint, $ETH has been holding a crucial level for support.
I think we’ll continue to grind upwards from here.
If it can get towards 0.06 BTC, then I’m assuming we’ll see a big breakout & #Altcoin strength for the remainder of the year. pic.twitter.com/KnbN9Pngxe
— Michaël van de Poppe (@CryptoMichNL) June 27, 2024

He further speculated that if ETH manages to climb towards 0.06 BTC, a significant breakout could be imminent. This potential breakout, he believes, could bolster altcoin strength throughout the remainder of the year.

Van de Pop’s analysis comes amidst fluctuating market conditions for cryptocurrencies, with Ethereum currently trading around key technical levels.

Ethereum Could Hit Major Rally

Ethereum’s price is currently below the 50-day but above the 200-day simple moving average, showing a struggle between bearish and bullish forces. Adiitionally, the relative strength index (RSI) suggests continued bearish momentum, indicating the sell-off might not be over.

However, Ethereum recently dropped from its peak of nearly $4,000 have paved the way of ETH. If Ethereum falls below 3300, it could drop to $3,200 and further to $3,000.

On the flipside, the launch of spot Ethereum ETFs could shift market sentiment positively. If ETF inflows increase, Ethereum might rally to the $4,500 range, potentially surpassing $5,000.