By Solomon Odunayo
A popular analyst and trader based in Amsterdam Ireland, Michael van de Poppe, known on Twitter as Crypto Michael, has some hours ago shared his opinion regarding the price trend of the second-largest cryptocurrency by market cap, Ethereum (ETH).
He shared this via his video blog. There, he highlighted the trend of Ethereum (ETH) since the significant fall from its all-time high of January 2018.
Crypto Michael also made a prediction about resistances ETH must break to welcome a new bull cycle.
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— Michaël van de Poppe (@CryptoMichNL) July 3, 2020
Michael, in his video, shared some data to show that the second-largest cryptocurrency, Ethereum (ETH), is preparing for another bull cycle.
Going by the data shared, ETH is presently in the accumulation phase, the range it has been trading since 2018.
He further indicated that the market is presently exhibiting signs of upcoming substantial movement, which would emerge in a few years’ time. One of the signs he mentioned is the increasing purchase of Bitcoin (BTC) and Ethereum (ETH) by the crypto asset management firm, Grayscale.
COVID-19 as Catalyst
The popular trader also referenced the significance of the outbreak of COVID-19 across the world, believing it has made the number of cryptocurrency users more than usual. He stated that people now prefer payments in digital currency to the usual bank payments.
Michael mentioned that the upcoming launch of Ethereum 2.0 that faced constant delay is another factor to consider. This, he said will likely favor the price growth of ETH.
He also pointed out that Ethereum (ETH) is currently undergoing an increase in demand, as investors move their ETH holdings from exchanges to wallets in numbers.
Ethereum (ETH) Bull Cycle May Emerge After a Break above $330
Crypto Michael averred that the digital token ETH has been in the accumulation phase since September 2018.
Conclusively, he opined that a new bull cycle would emerge for Ethereum (ETH) once it surpasses $290–$330 price level.