Popular crypto trader Michaël van de Poppe predicts that the price of Ethereum’s ETH token could reach $3,500 in the next 2-3 months. In a recent Twitter post, van de Poppe stated:
“Ethereum flipped the crucial level at $2,130 for continuation. After that, breakout towards new cycle highs at $2,700 and looking for continuation to $3,500 in the coming 2-3 months.“
This bullish forecast comes on the heels of a technical analysis report on ETH from research firm altfins.
Breakout After Multiple Rejections
According to altfins, ETH finally had a bullish breakout after getting rejected three times at the $2,400 resistance level. This breakout signals a resumption of the overall uptrend, with the next price target at $2,750. altfins recommends placing a stop loss at $2,270, which is 5% below the breakout level.
Additionally, altfins notes that ETH is likely to benefit from the upcoming launch of a spot ETH exchange-traded fund (ETF) in May 2024. The launch of this ETF could bring significant institutional investment into ETH.
The technical analysis firm states that the overall trend for ETH remains bullish across short-, medium- and long-term time horizons. Momentum indicators like the MACD and RSI also reflect growing bullish sentiment.
Key Support and Resistance Levels
If ETH experiences a pullback from current levels, altfins has identified key support zones at $2,150 (previous resistance level) and $2,000. The token recently broke through the resistance at $2,400, clearing the way for a move towards $2,750 next.
Can ETH Really Hit $3,500?
While van de Poppe’s $3,500 target may seem ambitious, it would only require a 57% price appreciation from current levels around $2,230. Given the strongly bullish technical setup and positive fundamentals for Ethereum in the coming months, this target is certainly within reach.
As van de Poppe stated, “After that, breakout towards new cycle highs at $2,700 and looking for continuation to $3,500 in the coming 2-3 months.” If bullish momentum continues building, ETH reaching $3,500 by mid-2024 is a strong possibility.
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