Ethereum Price Prediction: This resistance is decisive
2 min readIn the last 24 hours, Bitcoin and Ethereum are up 1 percent. On a weekly basis, both are down significantly, but Ethereum is down somewhat more modestly. This means that ETH has recently been able to stabilize in the trading pair against BTC. Analyst who expects an imminent breakout in Ethereum now refers to this exact chart.
Analyst Michaël van de Poppe predicts that Ethereum will maintain the important level of 0.051 BTC and that the market will grow slowly but steadily. A defining moment for altcoins could come when Ethereum rises above 0.06 BTC. According to analysts, this breakthrough is likely to generate significant upward momentum for the entire altcoin market.
#Ethereum held the crucial level at 0.051 BTC.
Slowly, but surely, the markets continue to grind upwards as it's continuing its grind.
The real #Altcoin momentum starts when it breaks above 0.06 BTC. pic.twitter.com/N0yGwRlUVi
— Michaël van de Poppe (@CryptoMichNL) June 25, 2024
So, traders should watch the following chart in the coming days. However, stabilization now takes several months. Viable support could appear here at 0.045 to 0.048 BTC. But the breakout above 0.060 BTC has not been successful yet. It seems that a bit of patience is still needed to start the Ethereum bull market and at best the start of the altcoin season.
Why Ethereum? This says it all
However, there are even more reasons for Ethereum. Analyst Kyle Reidhead discusses the underlying reasons and sees more near-term potential for Ethereum than Bitcoin.
- First, the Mt.Gox bankruptcy estate does not have Ethereum, so there is no selling pressure from this source. The market has corrected in recent days as Mt.Gox’s Bitcoin sale is approaching.
- Second, the German authorities are not selling Ethereum, but only the Bitcoins they recently sent to exchanges. BKA also apparently wants to sell its seized bitcoin holdings.
- Third, there is no constant selling pressure on Ethereum from miners because it has moved to a proof-of-stake model. Ethereum remains locked in and the high stakes ratio continues to limit supply. This is in stark contrast to the Bitcoin market where miners have recently dumped massive amounts of Bitcoin into the market.
- Fourth, the launch of an Ethereum ETF in the US is imminent, which could further increase institutional interest and demand. Experts expect trading to begin in July.
- At the same time, Ethereum’s supply bottleneck is larger than Bitcoin’s because ETH’s supply is more heavily reduced by staking and burning fees. Ethereum has been deflationary recently. Tight supply and rising demand would then support Ethereum’s bullish forecast.
