Popular analyst Michaël van de Poppe shared a strong prediction that Ethereum (ETH) may witness a major trend change in the coming period. He points out that there could be decisive impacts on the future of ETH, especially at a time when the US Securities and Exchange Commission (SEC) is on the verge of a major decision such as whether to approve or reject pending applications for spot Ethereum exchange-traded funds (ETFs). .
Van de Poppe said he had an expectation that the SEC would not immediately approve ETF applications in this process. stated. He emphasizes that the SEC decision to be made on May 30 is of critical importance, especially after the applications of financial giants Hashdex and Ark 21Shares were postponed in March. This decision could have a direct impact on Ethereum’s market value and be a significant breaking point in the broader cryptocurrency market.
“This is a very likely scenario for Ethereum; “The delay/rejection in two weeks represents a major reversal moment for ETH and the markets.”
Based on chart analysis, van de Poppe predicts that ETH could drop below $2,700 in the short-term but later rally towards $3,800. These predictions are based on the analyst’s technical analysis based on current market trends and expected events.
Another altcoin on the analyst’s radar is tier 1 crypto project AIOZ (AIOZ). According to the analyst, AIOZ can maintain its bullish momentum as long as it continues trading above $0.65.
“This looks very promising and is one of the strongest trending assets.
Trend level to maintain: $0.65-0.68.
If this level is lost, the long-term investment zone comes into play.
If this level is maintained, I think the next step could be $1.35-1.45.
“It is a very strong coin.”
Another altcoin on investors’ list is Ethereum scaling solution Arbitrum (ARB). Van de Poppe thinks ARB is very close to hitting bottom.
Request 04 – $ARB
This one has a full correction and is at the end stage of the correction.
Massive cascade in the past weeks, through which the markets often fill that wick in the weeks after.
In that regard, markets are close to the end of the correction. pic.twitter.com/GShezITmPj
— Michaël van de Poppe (@CryptoMichNL) May 9, 2024
Based on the chart above, the trader seems to be predicting that ARB will bottom out around $0.90.
The last altcoin Van de Poppe evaluated is Verasity (VRA). According to the analyst, VRA is in a complete downtrend and may find support at $0.004.
“A complete pullback is occurring, which is relatively common for altcoins at this stage of the cycle.
It’s an important area of support and I think most of the pain has already happened.
“This support has existed in the past and I expect to do the same here.”
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