A closely followed analyst is providing updates for the two leading digital assets as each fights to hold a critical support level.
Michaël van de Poppe tells his 616,200 Twitter followers he’s eyeing $950 as low-end support for Ethereum (ETH) while suggesting the leading smart contract platform could rally to as high as $1,500 if it can break past $1,140.
“Crucial zones for Ethereum to watch.
Currently bouncing, while also the EUR/USD is showing some slight relief.
If we crack $1,140, I’m assuming we’ll continue and have a significant run towards $1,400-$1,500 for ETH.”
At time of writing, Ethereum is up 2.17% on the day, trading for $1,088.
Moving on to Bitcoin (BTC), the strategist says that while the broader crypto markets had been due for a pullback, the dramatic capitulation recently experienced was exacerbated by the headline-making collapses of big projects like Terra (LUNA) and Celsius (CEL).
He believes that once the top crypto asset by market cap recaptures the $22,000 barrier, it will surge by another 36% to $30,000.
“Yes, the markets should have been correcting, but right now, the valuations of crypto and Bitcoin are way lower than what they should be, due to forced selling from 3AC, LUNA, and more. That’s why a break through $22,000 is going to accelerate the price to $30,000 as well.”
Bitcoin is changing hands for $19,729 at time of writing, a 1.11% gain on the day.