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Ethereum’s (ETH) price performance is known to generally parallel that of Bitcoin in the past. However, Ethereum’s price performance in 2023 has lagged behind other strong Layer-1 competitors such as Solana, Polkadot, and Chainlink. This has sparked discussions about whether Ethereum is finished and what the future might hold.
Ethereum’s Significance Will Not Diminish
Many cryptocurrency analysts had even predicted that ETH could reach $3,500 before the end of the year.
Crypto analyst Michael van de Poppe made a statement to put an end to the discussions from his perspective. In this statement, the analyst emphasized that Ethereum’s importance will not diminish, and on the contrary, it will strengthen for several reasons.
According to the analyst, Ethereum’s transition from PoW consensus to PoS has turned attention to it. Nonetheless, the real effects of this transition are not yet understood. If the ecosystem’s fundamental growth increases over the next year, Ethereum could potentially become more attractive than Bitcoin, according to the analyst.
On the other hand, similar to Bitcoin, Ethereum also has a Spot ETF process pending approval, which could be very valuable if realized. If such a development occurs, decentralized applications (dApps) built on Ethereum could be included in ETFs, potentially increasing interest.
Van de Poppe finally draws attention to the cycle of money flow. He noted that Bitcoin generally comes to the forefront before a halving event. According to the mentioned cycle, the approval of Bitcoin ETFs could create a positive atmosphere in the market. In the event of an increase in market value, Ethereum could be the first altcoin to benefit from it.
First Quarter Emphasis for ETH
According to crypto analyst Michale van de Poppe, in recent weeks, Ethereum has been underperforming compared to Bitcoin and facing negative sentiment from investors. He notes that the focus has shifted back to the leading cryptocurrency due to the Bitcoin ETF, which can be considered a natural price movement.
Nevertheless, the analyst also shared a chart indicating that historically, ETH has always outperformed Bitcoin in the first quarter of the year.
According to Michael van de Poppe, it is likely that the Bitcoin price will be between $48,000 and $51,000 upon ETF approval. Poppe’s prediction suggests that Bitcoin dominance will likely peak before the halving.
