Michael van de Poppe: Ethereum will grow despite the fall of the crypto market

Michael van de Poppe, a well-known cryptocurrency industry researcher and investor, recently posted a message on his X page, where he noted that digital asset markets continue to decline, but Ethereum ETH $2,679.37 Bridged Ether (StarkGate) -0.91% Market capitalization $0.2 billion VOL. 24 hours $0.39 billion «is showing some resilience.»

The analyst published a chart where he said that «as long as the ETH rate remains above 0.05 against Bitcoin BTC $65,703.63 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.63 billion , we can assume that the market is fine." De Poppe believes that this indicates an imminent price reversal. The crypto expert predicts that the first upward trend in the last 2.5 years will begin soon, which will activate the strength in the altcoin markets.

Michael van de Poppe also noted that the analysis of the latest chart indicates a key support zone for ETH, which could determine further price movement. The chart shows that the ETH/BTC pair has been showing a marked decline since April 2023, which has caused concern among investors and traders.

2023 was a very volatile year for the ETH/BTC pair. Despite a spike in February last year, the following months brought a significant decline for the leading altcoin. In June 2023, the ratio dropped below 0.06 BTC, which became a critical point for the value of ETH to hold.

Van de Poppe noted that the key area for ETH to hold is essential for continued sustainable growth. If the support fails to withstand market stress, we can expect further declines in ethereum quotes.

Many technical indicators also point to the critical state of the market. The Relative Strength Index (RSI) shows that ETH has not reached overbought or oversold levels, which indicates uncertainty among trading participants. Transaction volumes remain stable but do not show significant growth, which could support the optimistic mood on the market.

According to the CoinMArketCap analytical tracker, at the time of writing, ethereum is trading at $ 3,370, a regression of more than 2.3% over the week. The coin’s market capitalization has reached $ 405 billion, and traders have made daily trading deals worth $ 22.3 billion. Ethereum’s market share amounted to 18.2%.