Ethereum (ETH) could be preparing for a massive breakout against Bitcoin (BTC), a cryptocurrency analyst said.
In a new strategy session, trader Michaël van de Poppe told his 733,600 followers on social media platform
A bullish divergence, which suggests prices are about to start rising, occurs when an asset’s price is making lower lows while an indicator such as the Relative Strength Index (RSI), a momentum oscillator, is making higher lows.
“Huge bullish differential for ETH. The entire Ethereum ecosystem is thriving (November 6).”
In an update, the analyst says ETH/BTC is starting to rise as investors appear to be channeling the profits from Bitcoin’s massive rally into alternatives like ETH.
“That’s it. The market is spinning as ETH rises tremendously. What’s next? Making higher lows could continue the upward momentum. Decentralized finance (DeFi) is basically already growing explosively. It’s a good time!”
ETH/BTC is trading at 0.03748 BTC ($2,844) at the time of writing, up 4.84% over the last 24 hours.
He also believes that Bitcoin and other cryptocurrency assets could surge due to the Federal Reserve’s interest rate cut expected on Thursday.
“Ethereum is bouncing upward. I think we’ll continue at that pace. Thursday’s Fed meeting is likely to feature another 25bps rate cut, so keep an eye on it. Then it continues in the market and the next Bitcoin is $90,000-$100,000.”
Looking at Bitcoin, the analyst says that Bitcoin needs to hold $72,000 as support to sustain its upward trend.
“Bitcoin has reached an all-time high! What level should you have? I think in the $72,000 region. If this holds, we could gain further upward momentum. The market is finally waking up and alt season is just around the corner!”
Finally, the analyst says the native token of layer-1 blockchain Sei (SEI) could soar more than 20% from its current value.
“The market is waking up and this has allowed SEI to regain important levels. I assume we should stay in the $0.36 area. If it continues towards $0.50.”
SEI is trading at $0.41 at the time of this writing, up 6.6% in the last 24 hours.
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