Crypto analyst Michaël van de Poppe has expressed optimism regarding the recent surge in the price of Ethereum, referring to it as a “giant move.” The cryptocurrency has experienced a notable rally, with its price climbing impressively from $2,150 to $3,333 within a relatively short period.
Van de Poppe suggests that despite the significant upward momentum, it would not be surprising to witness a 10-20% correction. According to him, such a correction would be considered normal following such a substantial price increase.
In expectation of a possible reversal, the analyst sees it as the chance to buy the dip before Ethereum’s climb up to $4,000. Although he has not mentioned when or at what level this correction could occur, he remains confident in the long-term bullish outlook for Ethereum.
Additionally, the analyst highlights that Ethereum meets resistance at 0.06 BTC while Bitcoin strengthens its market position. This resistance shows how Ethereum has been finding it hard to make itself visible among strong-performing Bitcoins.
But among market watchers, it is not a question of whether Ethereum will outperform Bitcoin, but rather when this transition will happen. This expectation hints that Ethereum’s potential dominance may be closer than commonly perceived.
Ethereum Short-term Price Prediction
As of writing time, the price of ETH exchanged hands at $ 3,325.19 with an impressive $20.39B 24-hour trading volume and a market cap of $401.09 Billion, respectively. ETH has experienced a remarkable rise in value over the last day, as indicated by an increase of 3.52%. Besides, on the weekly chart, ETH has gone up nearly by 12%, indicating its strong price trajectory.
According to the recent analysis by Changelly, Ethereum enthusiasts have reason to be optimistic as the forecast anticipates a noteworthy 6.31% uptick in its value. This projection suggests that ETH could reach a significant milestone of $3,447.92 by the end of February 29.
Moreover, Technical indicators provided by Changelly offer more assurance to investors at a very high confidence level of 85% in ETH moving upwards. Such a rising level of assurance augurs well for boosting inflows of investment into Ethereum.
Adding to the overall market sentiment, the Fear & Greed Index provides valuable insights into investor behavior and sentiment. Currently boasting a score of 79, the index reflects an atmosphere of extreme greed among market participants. This heightened greed often correlates with increased optimism and a willingness to take on riskier positions in pursuit of potential gains.