One of the most widely followed analysts and investors in the cryptocurrency world, Michael van de Poppe, has expressed his belief that Ethereum (ETH) could rapidly experience a massive rally for a valid reason.
What is Ethereum’s Price?
In a post on social media platform X, Van de Poppe noted that spot ETH exchange-traded fund (ETF) inflows have surpassed new supply, which he believes is a bullish catalyst.
ETH supply created in 2024: $160 million. Net inflow to ETH ETF in the last two days: $150 million. Demand exceeds supply.
Additionally, van de Poppe stated that ETH’s major rally is likely to emerge as a result of ETF inflows and added:
I believe Ethereum is significantly undervalued and is poised for a substantial rise if these inflows continue.
The analyst also mentioned that Ethereum could rise to approximately $4,000 within weeks if it can hold the support level of $2,600 on the weekly chart.
The second scenario for ETH has occurred and was much deeper than we expected. However, if Ethereum closes above $2,600, I believe we have seen the real low and are ready for a significant upward move. The inflows are extremely positive.
Ethereum is trading at $2,586 at the time of writing, with a 3.7% increase in the last 24 hours. Meanwhile, the ETH/TRY pair shows a price of 86,539 TL.
Optimism (OP) Comments
Van de Poppe also indicated that the cryptocurrency market might have reached a bottom following Monday’s drop and that potential rallies could occur for projects like Optimism (OP), which serves as an Ethereum scaling solution.
This week presents large weekly candles. A deep wick, but it quickly rebounds, and some even turn green. I believe there is a significant possibility that we have seen the lowest point. OP also has a significant candle.
Optimism’s price continues to trade at $1.34 at the time of writing, following a 9.89% increase in the last 24 hours.
What is AAVE’s Price?
Lastly, the altcoin AAVE was analyzed by the analyst. He commented that Aave (AAVE), which serves as a money market protocol, could experience a significant breakout following a consolidation period at the $100 level.
One of the most promising charts in crypto is AAVE. DeFi (decentralized finance) looks great for a major breakout.
Aave’s price experienced a 2% drop and is trading at $97 at the time of writing, continuing to trade in line with the analyst’s expectations.
