Michaël van de Poppe, a well-known crypto analyst and founder of MN Trading, recently shared He shares his thoughts on two crucial levels Ethereum should be watching against Bitcoin.
In a tweet, van de Poppe outlined the two key levels that could potentially shape Ethereum’s future price action.
Support at 0.049 BTC is the first level, which if it is tested and liquidity is removed could spark interest from individuals in cryptocurrency. Second, the 0.06 BTC resistance represents a two-year downward trend. Ethereum’s ability to overcome this resistance level could indicate a shift in the market and possibly lead to further appreciation.
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Experts Predict Ethereum’s Price Range for the Week
The Cryptocurrency Experts at Changelly They have all shared their weekly predictions. Changelly’s analysis predicts that ETH will reach a minimum price of $3,436, a maximum price of $3,500, and an average price of $3,480.
While ETH’s price may fluctuate throughout the week due to some unpredictable factors, these predictions indicate that it will likely maintain a fairly stable range. However, the question on many investors’ minds is whether ETH can break through the $4,000 mark this week.
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Growing expectations of ETH exchange-traded fund (ETF) approval have largely contributed to the recent surge in Ethereum’s price. The ETF will provide investors a more accessible, regulated and affordable way to get exposure to Ethereum.
However, the current market sentiment has dampened the likelihood of ETH surpassing the $4,000 mark this week due to Bitcoin’s struggle to push further highs.
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Bitcoin’s performance heavily influences Ethereum’s price action, but it’s important to acknowledge the Ethereum ecosystem’s growing strength and maturity.
Ethereum’s long-term prospects remain bright as new projects and users continue to flock towards the network. However, the overall market sentiment and Bitcoin’s price action will likely continue to influence Ethereum’s price in the short term.
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Source: watcher.guru