- Ethereum is expected to break the key resistance level of $2,150.
- Crypto analyst Michael van de Poppe said that if a breakout occurs, the price of ETH could rise to between $3,100 and $3,600.
- Catalysts for the market include the approval of a spot Bitcoin ETF and the development of an Ether spot ETF application.
Ethereum (ETH) gave up some gains, reaching $2,016 over the weekend after trading as high as $2,136 last week.
But the top altcoin rallied on Monday, changing hands around $2,120 as buyers looked for the first green candle in three days.
Various market observers see the potential approval of a spot Bitcoin ETF as a catalyst that could boost both BTC and ETH. There is a chance that the SEC could approve the first spot Bitcoin ETF for the U.S. market, although many experts believe the most likely window for approval is early January.
This window is open until November 17th.
NOTE: The window for early approval is currently open this week. $BTC ETF until the 17th.
Additionally, BlackRock applied for the position last week. $ETH ETF
Both are expected to fly once the BTC etf is approved. pic.twitter.com/DbWWa68UAj
— Pentosh 🐧 euroPeng 🇪🇺 (@Pentosh1) November 13, 2023
Analysts on what’s next for ETH if resistance breaks
For one top analyst, ETH/USD faces a major hurdle near $2,150. Breaking that could send the price of the world’s second-largest cryptocurrency by market capitalization skyrocketing to the next supply zone, around $3,100. Above that, there is major resistance at $3,600.
Therefore, the forecast predicts that a further uptrend will lead to a 44%-67% increase in the price of Ethereum.
According to Michael van de Poppe, the highlighted resistance at $2,150 is similar to a giant wall that has rejected numerous bullish attempts for Bitcoin (BTC) at $30,000. Sharing his predictions with his over 672,000 followers on X, the founder and CEO of cryptocurrency trading group MN Trading wrote:
“Ethereum is facing final resistance. Breaking above $2,150 means the end of the bear market. This is because this level is similar to Bitcoin’s $30,000 barrier. If this breaks, we will likely head towards $3,100-3,600.”
Van de Poppe shared an Ethereum price chart showing an ascending triangle pattern, which suggests a potential uptrend in technical analysis. The chart shows two major areas of expected resistance as shown below.
#Ethereum We face our final resistance.
A break above $2,150 would signal the end of a bear market. Because this level is similar to the $30,000 barrier. #Bitcoin.
If this breaks, we will likely head towards $3,100-3,600. pic.twitter.com/i91ULBRtLz
— Michael van de Poppe (@CryptoMichNL) November 13, 2023
Ethereum was trading around $2,093 on Monday evening, up 2.4% over the past 24 hours. Cryptocurrency values soared 11% and 35% over the past week and 30 days, respectively.