As the cryptocurrency market continues its downward spiral, crypto analyst Michael van de Pop sheds light on Ethereum’s trajectory and the broader digital asset landscape. Despite initial optimism, many investors who subscribe to the buy-and-hold strategy find themselves grappling with retraced gains.
Here are his top predictions for what lies ahead this month.
Ethereum’s Price Projection
Van de Pop’s analysis suggests a gloomy outlook for Ethereum (ETH), foreseeing a potential further dip to the $2,500-$2,750 range. This projection mirrors the prevailing market sentiment, heavily influenced by macroeconomic dynamics and regulatory ambiguities.
Over the past 24 hours, Ethereum has witnessed a 4% decline, slipping below the $2,910 threshold once again. This downtrend extends over a week, with ETH shedding approximately 6% of its value in recent days.
ETF Approval Delays
Approval hurdles for an Ethereum spot exchange-traded fund (ETF) loom large, with the Securities and Exchange Commission (SEC) exhibiting caution unlike its stance on Bitcoin ETFs. The postponement of a decision on the Invesco Galaxy Ethereum ETF until July 5, 2024, exacerbates the uncertainty surrounding Ethereum’s regulatory landscape.
Van de Pop’s prognosis suggests that the ETF delay might exert additional downward pressure on Ethereum’s price in the near future, compounding its woes.
Ethereum’s Struggles Against Bitcoin Persist
Ethereum’s performance vis-à-vis Bitcoin (ETH/BTC) remains lackluster, with sustained weakness evident in recent days and longer-term trends. Van de Pop anticipates further declines for ETH/BTC, underscoring Ethereum’s ongoing struggle to keep pace with Bitcoin.
Altcoin Surge in Q3
Despite regulatory setbacks, van de Pop maintains optimism regarding a potential market rotation post-ETF delay. This shift could potentially favor altcoins in the third quarter of 2024, presenting avenues for growth and portfolio diversification.
Bitcoin Enters Consolidation Phase
Meanwhile, van de Pop’s analysis indicates a period of consolidation for Bitcoin (BTC), with expectations of remaining within a defined price range for the next 4-6 months.
Following historical patterns, Bitcoin often enters a sideways market phase post-halving, signaling an accumulation period. This trend, observed in previous halvings, prompts investors to accumulate Bitcoin during price stability, preparing for future price increases.
While short-term corrections persist, analysts like Michael van de Poppe foresee bullish trajectories in the long run, emphasizing the cyclical nature of crypto market trends.
Also Check Out: Crypto Weekly Report: Top News, Key Updates and Market Analysis
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