- The renowned analyst Michaël van de Poppe predicts a correction of the Ethereum (ETH) price and a subsequent rally to $700.
- Van de Poppe also predicts a rally for XRP and a target price of $0.68, while he sets a target price of $17,000 for Bitcoin.
The popular analyst and crypto trader Michaël van de Poppe shared the prevailing sentiment in the market. In a new video analysis, “Crypto Michaël” made predictions about the three major cryptocurrencies. The analyst was particularly optimistic about the Ethereum price.
At the time of publication, the second cryptocurrency by market cap was trading at $427 with a 2.14% loss in the last 24 hours. However, ETH is still one of the biggest winners in the market with a weekly gain of 9% gain and an outstanding plus of 82% over the last 30 days.
Ethereum will be unstoppable up to $700
In his analysis, van de Poppe commented that Ethereum is preparing for a new rally. According to him the cryptocurrency is in bull territory by breaking important moving averages on the higher timeframes:
We have broken a one-year accumulation range, and we are acting above the 100-day and 200-day [moving average], not only on the daily timeframe but also on the weekly timeframe, which essentially is a bull territory case.
However, the analyst warned his followers that the cryptocurrency will go through a correction before starting a new bull run. Therefore, he set the range between $300 and $360 as ideal to buy ETH before the start of the new rally. After the correction, ETH’s price will skyrocket up to $700:
The essential strategy you want to have in this case is just to buy the dip. Once the next dip comes, which essentially could be towards $300, could be towards $360… That dip you would want to get as the next rally should most likely bring us towards $700.
Van Poppe’s prediction is supported by other analysts. Trader Satoshi Flipper shared an equally bullish prediction for Ethereum via his Twitter account on Friday. The analyst stated that “there is no significant resistance” in ETH’s price until it approaches $800. In that sense, he stated that the rally “has just begun”.
Bitcoin and XRP on the verge of a bull market
The analyst expects similar results for the Bitcoin (BTC) price. Crypto Michaël believes that the cryptocurrency could fall to $10,500 before BTC resumes its rally. Should Bitcoin manage to turn the $12,000 resistance into support, the analyst expects the cryptocurrency to begin a rally that will take the BTC price between $15,000 and $17,000.
Source: https://twitter.com/CryptoMichNL/status/1294572050636513280
Crypto Michaël shared an equally optimistic prediction for XRP. He said the digital asset is on good ground to approach $1. In the meantime, the analyst expects XRP to stay in a consolidation phase and then start its rally, as the analyst stated:
Last updated onYou want to see some compression here, sideways movements. Then, you’re going to break through this high and make a new higher high, which essentially should lead towards $0.40 or even $0.50. Then, you can start defining the levels from the expansion we have here in which a rally towards even $0.61, or in this case, the block around $0.68 is very likely to occur.
"correct" - Google News
August 16, 2020 at 06:12PM
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Crypto Michaël: Ethereum will correct before going up to $700 - Crypto News Flash
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