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As the crypto market shows no sign of recovery and is going further & further downward, crypto analyst Michael van de Pop has outlined a likely scenario for the cryptocurrency market, focusing on Ethereum’s price trajectory and other digital assets. Despite early optimism, many cryptocurrencies have retraced their gains, challenging the strategy of buy-and-hold investors.
Ethereum Faces Continued Correction
According to van de Pop’s analysis, Ethereum (ETH) could see a further price decline, potentially reaching the $2,500-$2,750 range. This projection underscores the current market sentiment, which has been influenced by macroeconomic factors and regulatory uncertainties.
Likely scenario:– #Ethereum continues to fall to $2,500-2,750 area. – Delay on the Spot Ethereum ETF.– $ETH / BTC to new lows.– Rotation after delay in 2 weeks. – #Altcoins to surge in Q3. – #Bitcoin to continue consolidating in the range for the coming 4-6 months.
— Michaël van de Poppe (@CryptoMichNL) May 10, 2024
Ethereum (ETH) has slipped by 4% in the past 24 hours, dropping below the $2,910 mark again. This decline continues a week-long trend, with ETH losing approximately 6% of its value recently.
Spot Ethereum ETF Delay
The approval process for an Ethereum spot exchange-traded fund (ETF) is facing delays in May. Unlike Bitcoin ETFs, the Securities and Exchange Commission (SEC) seems less certain about approving Ethereum ETFs.
Experts believe the chances of approval this month are slim, especially after the SEC postponed a decision on the Invesco Galaxy Ethereum ETF to July 5, 2024. The SEC wants more time to review and gather feedback before making a final ruling.
SEC DELAYS DECISION ON INVESCO GALAXY ETHEREUM ETFThe SEC has postponed its decision on the Invesco Galaxy Ethereum ETF to July 5, 2024, citing the need for more time to consider the proposed rule change and gather additional public feedback.Source: The Block pic.twitter.com/tdA5F1ae6i
— Crypto Town Hall (@Crypto_TownHall) May 8, 2024
Meanwhile, van de Pop’s prediction suggests that this delay could lead to additional pressure on Ethereum’s price in the coming weeks.
Ethereum’s Weakness Against Bitcoin
Ethereum’s performance against Bitcoin (ETH/BTC) has shown sustained weakness, evident in recent days and longer-term trends. Van de Poppe predicts further lows for ETH/BTC, highlighting ongoing challenges for Ethereum relative to Bitcoin.
Altcoin Surge in Q3
Despite delays, van de Pop remains optimistic about a potential rotation in the market following the ETF delay. As suggested by the analyst, this rotation could favor altcoins in the third quarter of 2024, signaling opportunities for growth and diversification within the cryptocurrency space.
Bitcoin Enters Sideways
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.
