Micheal van de Poppe Maps Next Target Levels For Ethereum and Bitcoin Price
A popular analyst, Micheal van de Poppe, recently mapped the potential targets for the Bitcoin, and Ethereum prices ahead of the Merger. Along with the top assets, the global market cap of the crypto space also appears to be in deep trouble, as the Dollar Index is strengthening every new day.
DXY Index Needs to Reverse Now!
Global market capitalization is experiencing a constant drain ever since it dropped below $1 trillion in the recent past. Since then the levels have been swinging close to $978 billion but have been failing to surpass these levels.
While the USD is gaining massive strength in the international market, the analyst believes the market sentiments are ‘ultimate low’. Therefore, the moment of truth is fast approaching for the entire space.
Moment of truth coming up for the entire #crypto market.Facing another test of the 200-Week MA, which ultimately could lead to a HL and retest. Sentiment is on an ultimate low.$DXY needs to reverse or top out soon, though. — Michaël van de Poppe (@CryptoMichNL) August 29, 2022
As per the analyst, the global market cap is currently facing the crucial 200-day MA levels which may compel the price to form another Higher low after a restest. When the market sentiments are low and DXY displays no prospects of a bearish divergence, the possibility of an extended price slash prevails.
Bitcoin to Test $19K but May Not Drop to $14,000
Bitcoin price for more than 36 hours has been swinging in and out of $20,000. While some hope this consolidation may further lead to a massive breakout while some believe that the BTC price may form new lows before breaking above.
However, Poppe lays down a potential scenario for the Bitcoin price as it is testing the crucial weekly support area.
– Potential scenario on #Bitcoin, as we are facing a test of a weekly support level.Testing $19K region seems inevitable. Question is whether we'll sweep the lows or just create an HL (based on Total Market Cap 200-Week MA). – Everyone waiting for $14K. Seems unlikely. — Michaël van de Poppe (@CryptoMichNL) August 28, 2022
As the BTC price is consolidating heavily, the analyst believes the price may surely test the lower support at $19,000. The global market cap is expected to undergo a correction and hence the top cryptos may also be largely impacted. Therefore, the analyst states that Bitcoin may shake a bit but may certainly not revisit $14,000.
Merge Hype Could Get Intensified Soon
The popular analyst is plotting a bullish signal for the Ethereum price ahead of the Merger. Poppe believes that the ETH’s corrective phase is all set to end very soon. The lost Merger hype is all set to kick off very soon which may rise the price above $1350 soon.
Looking at a scenario like this on #Ethereum. End of correction relatively soon, crucial level around $1,350. Merge hype starting to get fired in the coming weeks, taking markets up. If block around $1,300-1,350 is lost -> $1,000 next. — Michaël van de Poppe (@CryptoMichNL) August 27, 2022
On the contrary, some of the on-chain reports indicate a slump in the Ethereum’s daily new addresses which had hit more than 250K earlier has dropped below 50,000 now. This may probably indicate the shift of focus of the investors from Ethereum. However, the upcoming event may turn the tables for the asset and the entire crypto space.Source