Crypto strategist Michaël van de Poppe believes that Ethereum (ETH) is close to witnessing a major trend change.
Van de Poppe told his 717,600 followers on social media platform
The SEC is expected to approve, postpone or reject the ETH ETF application from financial giants Hashdex and Ark 21Shares on May 30, after postponing it in March.
Van de Poppe predicts that the SEC’s decision will ultimately become a pivotal point for the top altcoins by market capitalization.
“This is a very likely scenario for Ethereum, and a delay/rejection in just two weeks would be a major reversal moment for ETH and the markets.”
Looking at the trader’s chart, he appears to be predicting that ETH will plunge below $2,700 before reversing and rebounding to $3,800.
As of this writing, ETH is worth $2,920.
Next up is the layer 1 crypto project AIOZ (AIOZ). According to the analyst, he expects AIOZ to maintain its bullish momentum as long as it continues to trade above $0.65.
“This looks very promising and is one of the strongest trending assets.
Holding trend level: $0.65-0.68.
If it loses, the long-term investment zone comes into play.
meIf I hold, I expect $1.35-1.45 to be next.
“It’s a very strong thing.”
As of this writing, AIOZ is trading at $0.795.
Another altcoin on the list of traders is Ethereum scaling solution Arbitrum (ARB). Van de Poppe believes ARB is very close to hitting rock bottom.
“This case has been completely revised and is in the final stages of revision. A massive cascade over the past few weeks. This fills the market, often for several weeks afterwards. In that respect, the market is nearing the end of the correction,” he said.
Based on the trader charts, he seems to predict that ARB will bottom at around $0.90.
The final altcoin on Van de Poppe’s radar is the native asset of video-sharing blockchain Verasity (VRA). According to analysts, VRA is in a full-fledged downtrend and may find support at $0.004.
“Full retracements are occurring, which is relatively common for altcoins at this stage of the cycle.
It’s an important area of support and I think most of the pain has already occurred.
We have had this support in the past and we expect it to continue in the future.”
As of this writing, VRA is worth $0.0051.
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