Popular crypto analyst Michaël van de Poppe says Ethereum (ETH) could have a “massive” breakout early this year.
In a new YouTube strategy session video, Van de Poppe tells his 163,000 YouTube subscribers that the smart contract platform may see at least a 6.5% increase within months.
“We’ve had a massive break 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, this entire block [between $1,263 and $1,280] will most likely stay resistant for a little bit in which we’re going to have some tests in the coming period before we start breaking out to the upside – or downside, who knows.”
Van de Poppe says if Ethereum can cross the $1,330 price level in the coming months, it could have a massive breakout. At time of writing, Ethereum is changing hands at $1,248.
“We can define crucial levels in that way. The crucial block to break on the upside is $1,280, which ultimately ends up by a potential short range. The crucial area for support is the area around $1,220 which makes you swing longs to be able to get there towards the range high [of $1,339] or possibly towards this range here [at about $1,550].
And if we get towards $1,330 in the coming months and we start grinding probably the end of Q1 will be a massive one. But that’s just up for debate.”
He says that a lower timeframe analysis is not indicating significant movement in either direction. But he says if ETH begins to rally, keep an eye on the volume to determine if it is going to hold the higher price range.
“If we look at the lower timeframes, we can state that if we’re looking at the 15-minute we are going sideways so I can’t make much out of this at this point aside from the fact that I’ll be looking at $1,220 to $1,230 to get myself filled in longs.
And if we are going to have a structure in which we start going towards the high again, you have to look at the volume to actually grant yourself confirmation that we’re going to break to the upside. If that’s going to be the case, I will be having a position. If it’s going to show weakness, I’ll be looking for short and then I’ll be looking for longs in this range [of $1,220 to $1,233].”
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