Crypto analyst Michaël van de poppe has given bullish signals for Ethereum price in his most recent live technical analysis. Poppe believes if Ethereum price touches $1700, there might be a bull run from there, as the second largest cryptocurrency is now doing a reversal from previous three figures expectations.
Why Ethereum Price May Rise Soon?
Popular crypto trader Michaël van de Poppe says Ethereum price is heading upwards towards $2000, he attributes this to a couple of reasons. The currency had done a sudden nosedive after several negative occurrences in the market space. As per his analysis the bear expectations are already priced in and there is limited downfall from here.
First, he opined that the Ethereum merge scheduled for September is going to cause price to go up due to FOMO, and the ongoing situation with the FED interest rate.
The panic that came with the crash of some top guns in the market is fading away, Poppe explains. However he also said it’s not sensible to chase longs at the moment, that option was there in July but it’s gone now.
Ethereum price regains $1650 after several days in the red
Meanwhile ETH is currently trading at $1,670, over 2% increase in the past 24 hours, according to CoinmarketCap. The second-largest cryptocurrency with a market capitalization of $192.73 billion is now changing hands at around $1,650 per coin.
The current trading price is 67% down from its all-time high of $4,891 recorded in November 2021, according to data from CoinMarketCap.
Ethereum’s bearish price movement is largely being attributed to growing concerns regarding the future of Ethereum and its miners following the new proof-of-stake consensus system.
The merge will no longer require miners to maintain the network, but validators. Rather than purchasing farms of machines to validate transactions, users can stake 32 Ethereum to become a validator on the upgraded network. Validators earn a yield for their work, but can also lose money if they behave fraudulently.