A widely respected cryptocurrency strategist says Ethereum (ETH) is sending bullish reversal signals when it pairs with Bitcoin (ETH/BTC).
Trader Michaël van de Poppe told his 685,700 followers on social media platform X that he thinks Ethereum will surpass Bitcoin in the coming weeks.
According to analysts, ETH/BTC is showing a bullish divergence on the weekly chart, which indicates that the pair is preparing to move to the upside.
“I personally believe that Ethereum will outperform Bitcoin in the coming period and this has started since the approval of ETFs (Exchange Traded Funds).
There was a large weekly bullish differential, but it faced significant resistance at 0.06 BTC ($2,385).
“With more integration, we are likely to go up.”
Looking at the trader’s chart, he seems to think ETH/BTC will rise to 0.13 BTC ($5,168) sometime this year.
As of this writing, ETH/BTC is worth 0.05596 BTC ($2,224).
As for Bitcoin itself, Van de Poppe believes BTC could fall to around $38,000 before finding support.
“Bitcoin is in a low range and is actually in an accumulation zone.
Moreover, this also means that altcoins are in a buying phase because a 20-40% drop is a good opportunity.”
As of this writing, Bitcoin is trading at $39,800.
Van de Poppe is also closely watching the price action of blockchain data aggregator Covalent (CQT). According to Van de Poppe, CQT is likely to head towards the next support level around $0.15 before triggering a strong surge.
“One of the recent runners has been TIA (Celestia), but competitors are likely to increase their momentum as well.
CQT is one of them. Market capitalization, like the overall market, is relatively low and undergoing correction.
“This presents an opportunity, and I think CQT has one before it reaches $0.42.”
As of this writing, CQT is trading at $0.214.
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