Cryptocurrency analyst and trader, Michaël van de Poppe, popularly known in the crypto industry as Crypto Michael, has shared his prediction on the trend of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
In a new video shared with his teeming followers, the analyst stated that ETH has been in a strong and steady uptrend.
According to Crypto Michael, the recent price breakout is an indication that Ethereum (ETH) is poised to record a new all-time high, maybe in the first quarter of 2021.
Regarding ETH/BTC, the analyst said he’s looking forward to seeing the pair consolidating before a significant bull run of over 125% from its current value.
“Currently, we’ve got a clear block holding as support that we are actually holding as support and we can see that we are making higher lows, higher highs. There was the crucial level to hold at $530… What I want to see holding in general is this area around $530. If we do lose that, then we get the best entry zone that we initially made here which is around $470, $490 to $450.”
“Given that we are currently searching even more, I have to redo the Fibonacci levels and then you can see that the next impulse wave most likely, somewhere in 2021, maybe Q1 2021 already, we’re going to see a rally towards the all-time high. That’s going to be the next one.”
“We see that the crucial level to hold (0.024) is actually holding. Most likely, we’ll have a few weeks of sideways continuation before we start to get the next impulse wave. As in general, we see higher high, higher low, higher high, higher low. Most likely, we’re going to get a higher high towards the area at 0.06.”
Meanwhile, the cryptocurrency has managed to maintain its stability above $700 support level. At the time of publishing, ETH is trading at $748.30, with a relatively 3% price uptrend in the last 24 hours.