HomeCryptoCrypto analyst Michaël van de Poppe predicts Ethereum’s trajectory into early 2023: Here’s his outlook
Crypto analyst Michaël van de Poppe predicts Ethereum’s trajectory into early 2023: Here’s his outlook
January 5, 2023
Prominent cryptocurrency analyst Michaël van de Poppe says Ethereum (ETH) could have a “massive” breakout early this year.
In a new video from YouTube’s strategy session, Van de Poppe tells his 163,000 YouTube subscribers that the smart contracts platform could see an increase of at least 6.5% within months.
“We had a massive breakout to the upside. We could state that after this breakdown [to $1,187] we are currently seeing consolidation, breakout, retest and massive move [to $1,249]. In that regard, the whole block [between $1,263 and $1,280] it will most likely remain resilient for a while where we will have some tests in the next period before we start to break out to the upside or downside, who knows.”
Van de Poppe says that if Ethereum can clear the $1,330 price level in the coming months, it could have a huge breakout. At the time of writing, Ethereum is changing hands at $1,248.
“We can define the crucial levels like this. The crucial block to break to the upside is $1,280, which ultimately ends in a potential short range. The crucial area for support is the area around $1,220 which swings you long to be able to get there towards the high range [of $1,339] or maybe towards this range here [at about $1,550].
And if we get to $1,330 over the next few months and start grinding, probably the end of the first quarter will be huge. But that’s just a matter of discussion.”
He says an analysis of lower timeframes does not indicate significant movement in either direction. But he says if ETH starts to rally, keep an eye on volume to determine if it will hold the higher price range.
“If we look at the lower time frames, we can say that if we look at the 15 minutes we are going sideways, so I can’t get much out of it at this point other than I will be looking at $1,220 to $1,230 to fill in the longs.
And if we have a structure where we start to go towards the top again, you need to look at the volume to actually give you confirmation that we are about to break out to the upside. If so, I’ll have a position. If it shows weakness, I will go short and then look long in this range [of $1,220 to $1,233].”
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