After a tumultuous period of long weeks, leading altcoin Ethereum seems to be preparing for a bullish rebound. That’s how a few popular crypto analysts and traders who have had their eyes on cryptocurrencies for months think so. Recent statements by popular crypto traders and analysts suggest a bull turn for Ethereum.
Peter Brandt: ETH’s downtrend is coming to an end?
As you follow on Kriptokoin.com, the leading altcoin passed $1,200 with a rally. With this move, he instilled hope in his investors. Also, analysts are giving positive messages for Ethereum. In a recent tweet, tarder Peter Brandt shared an ETH chart suggesting that the coin will no longer depreciate. ETH has had its fair share of downside volatility over the past few weeks and months. The price also saw below $ 1 thousand.
According to the chart shared by Peter Brandt, ETH is forming an inverted Head and Shoulders pattern, which is a bearish reversal pattern and an indication that the price could move higher. According to the analyst, if ETH continues its uptrend, it is possible for the altcoin to rise to $1,700.
The analyst’s change of mind points to the dynamic nature of the crypto market, which is known to be volatile. About a month ago, Peter looked extremely bearish on ETH given the market dynamics at the time. He even suggested that Ethereum could fall as low as $300. A lot has changed since then. However, there has been a corresponding change of mind by various crypto enthusiasts.
Michael Van De Poppe: $1,500 possible for leading altcoin
Another trader known for his keen analysis is Michael van de Poppe. According to the analyst, ETH is likely to be poised for $1,400-1,500. However, on condition that it fulfills a condition. This condition: the coin needs to break the resistance at $1,140. Doing so will give Ethereum enough momentum to set its eyes on a higher goal.
Michael van de Poppe tweeted this analysis a few days ago. It is currently trading around $1,226, rising above the designated resistance level. The altcoin has already recorded a 24-hour gain of 2.82%.
The unexpected collapse of Terra and the subsequent bankruptcy of assets like 3AC severely impacted BTC and altcoins. In another tweet, the analyst stated that while the crypto market is going through a correction, it has made it far less valuable than it should be right now. Therefore, the analyst added that if Bitcoin breaks above the $22,000 resistance, it could rise to $30,000. Bitcoin is currently trading around $20,869.
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