Ethereum Price Prediction: Eth Looks to Challenge Resistance as Renowned Analyst Sees Capital Flowing From BTC to ETH

Up until now, the cryptocurrency market has been solely focused on #BTC as the deadline for a potential Spot Bitcoin #etf (exchange-traded fund) approval looms. This has led to the market leader’s price rising steadily, while altcoins trade flat or succumb to sell pressure.

However, renowned analyst Michael van de Poppe predicts that this trend may soon change. He also believes that the Ethereum price will be the main benefactor of this upcoming change in trend. Van de Poppe assured investors that ETH’s underperformance in comparison to BTC is “regular price action.” He concluded the post by saying that retail investors who engage in speculative trading are just “hopping” from one asset to another with the aim of maximizing their returns.

The Ethereum Price Rising to Resistance

$ETH is currently advancing towards the $2,440 resistance level. Should it succeed in closing a daily candle above this mark, it could lay the groundwork for a potential rise to $2,685 in the upcoming days.

Conversely, if ETH faces rejection at the $2,440 resistance level or dips below the $2,295 support, this bullish narrative might be negated. In such a case, ETH could be at risk of a downward correction towards the $2,145 support level in the short term.

Technicals Suggest the Ethereum Price Will Rise More

However, technical indicators on ETH's daily chart are leaning towards a bullish perspective. The Moving Average Convergence Divergence (MACD) has recently indicated a bullish signal. In the last 24 hours, the MACD line has risen above the MACD Signal line, suggesting a continuation of the upward trend.

Furthermore, the Relative Strength Index (RSI) demonstrates that buyers are currently dominating sellers. This is evident
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