Top Analysts Expect Bullish Momentum for Crypto Markets, Update Forecast for Ethereum Coming in September
Widely followed cryptocurrency analyst Michael van de Poppe anticipates bullish spikes for the cryptocurrency markets as he presents new forecasts for the leading smart contract platform Ethereum (ETH).
Van de Poppe tells his 618,800 Twitter followers that he is keeping a close eye on the Tether Dominance (USDT.D) chart, which shows how much of the cryptocurrency market capitalization is made up of the stablecoin Tether (USDT).
According to Van de Poppe, the USDT.D scheme has plenty of room to drop, indicating that market participants are likely to abandon their USDT positions in favor of other crypto assets.
“USDT dominance is still eager to drop another 23%, resulting in more bullish momentum in the markets.”
Van de Poppe’s latest prediction appears to be in line with his recent call that the total market capitalization of all crypto assets is likely to increase by 25% from $1 trillion to $1.25 trillion.
Looking at Ethereum, Van de Poppe says that the top altcoin will likely encounter resistance against Bitcoin (ETH/BTC) in the near term. Nevertheless, the pair is expected to maintain its bullish momentum as September approaches.
Basically, a few tiers on ETH.
It faces resistance at 0.0725 BTC ($1616).
Support is encountered at 0.0645 BTC ($1437) or 0.057 BTC ($1,270).
Overall, we expect more momentum towards the consolidation in September.”
Looking at the Van de Poppe chart, it appears that the analyst is targeting 0.08 BTC ($1,783) for the pair by September.
At the time of writing, ETH/BTC is trading at 0.069 ($1,537), down 1.35% on the day.
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