The cryptocurrency market has experienced a rally around Ethereum’s anticipated upgrade, Merge. However, later that excitement subsided. However, analysts agree that Merge will still have a more positive impact on Ethereum. In this environment, a popular crypto analyst shares updated price targets for Ethereum (ETH) and three altcoin projects.
“Ethereum on track to $2,200 as Merge approaches”
cryptocoin.comAs you follow, the crypto market is struggling to find direction these days. According to analysts, Ethereum Merge could be a catalyst not only for ETH but also for the market. Legendary analyst Michaël van de Poppe also talks about the impact of the highly anticipated Merge upgrade. He says that with the effect of this, the price of Ethereum will continue to rise. In this context, the analyst makes the following assessment:
While ETH is working upwards, ETH funding remains extremely negative. People are keen to short ETH as follows: 1-Expectations Merge fails. 2-This is a bear market relief rally. 3-Markets will only go down further. The maximum pain will be in the opposite direction.
The analyst also shares a chart created by technical analyst Quincy Diepeveen that tracks ETH funding rates through 2022. The latest data shows that red provides deep background.
The popular analyst says that after recovering from a market-wide weekend price drop, there will be many altcoins looking to test their resistance levels. He also predicts that the leading altcoin Ethereum will potentially rise above $2,000. Michaël van de Poppe explains his views as follows:
There are reasonable retests between markets. ETH, for example, is still on its way to $2,200 as one of the biggest events, Merge, approaches. I expect this upside structure to continue, even if Bitcoin doesn’t sweep $19,000 for liquidity.
Other altcoin projects ready to launch: FTM, THETA and SKL
The legendary analyst then looks at ETH rival Phantom (FTM). Michaël van de Poppe expects FTM to continue its recovery momentum after falling from $0.40 in mid-August. Based on this, he makes the following statement:
FTM is ready to continue similar to the entire market. It needs to break and flip $0.29. It is then possible to move towards $0.35.
Another altcoin on the analyst’s radar is Theta Network (THETA). Theta Network, a peer-to-peer video distribution platform, has been hovering below $2 since the May drop. Van de Poppe sets two levels of resistance for THETA, the first at $1.20 and then $1.60. The analyst explains his thinking with these words:
This is very simple like many altcoins out there. Looking for 2 triggers: Either sweep the bottoms and recover. Or, break above $1.20 for a continuation trigger. Then target: $1.60.
Last on the analyst’s list is Ethereum scaling solution Skale (SKL). The popular analyst is waiting for a breakout for SKL. However, we just need the spark to start the rally. In this context, Van de Poppe notes:
Nothing has changed here and it is very similar to THETA. I’m patiently waiting for any trigger. However, it is possible for these triggers to accelerate quite a lot.
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