A widely followed crypto analyst is suggesting that Ethereum (ETH) is reaching a decision point.
Crypto trader Michaël van de Poppe tells his 724,400 followers on the social media platform X that ETH’s next move depends on how it trades against Bitcoin (ETH/BTC).
“ETH remains to be in an indecisive state of mind.
Bullish divergence is applicable, but there is no follow-through.
If it drops sub 0.042 BTC, I expect we will see a fall beneath 0.04 BTC and a denial of the divergence.”
Ethereum is worth 0.042 BTC ($2,287) at time of writing, just holding Van de Poppe’s level.
Diving deeper into BTC, the analyst calls for Bitcoin to fall to $53,000 before hitting a reversal.
“There we go; markets took liquidity above and are puking and taking liquidity on the downside.
Likely we’ll be seeing $53-54,000 before we surge back upwards.
What’s crucial for Bitcoin? Reclaim $56,000 first after the dip.”
According to the crypto trader, BTC will bounce back up to the $57,000 region after completing its fall.
“Bitcoin continues to fall and we were assuming it would.
Took the liquidity beneath the recent low and doesn’t continue to fall, although I think we will.
Perhaps we’ll take the liquidity at $54,300 and reverse upwards, target then is $57,300.”
BTC is trading for $54,137 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wacomka