Investors closely follow crypto analyst and trader Michael van de Poppe, who claims that Ethereum (ETH) is on the verge of a significant breakout. The analyst expects the largest altcoin to rise to as much as $4,000.
Bold Prediction for Ethereum from Analyst
Experienced crypto analyst Michael van de Poppe shared on his personal account on social media platform X that he believes ETH could soon rise more than 70% from its current value. The analyst shared three main reasons for this potential increase. Poppe highlighted that the completion of Ethereum’s next major update, named Dencun, will help increase the network’s value. As known, Dencun aims to reduce transaction fees for Ethereum’s Layer 2 projects and address scalability issues.
According to the analyst, other positive catalysts for ETH include the possibility of approval for a spot exchange-traded fund (ETFs) in the U.S. and the flow of profits from Bitcoin (BTC) to ETH after the block reward halving in April. Poppe believes that ETH could rise to a range of $3,500 to $4,000 in the next three to six months:
Dencun will embark on its journey with the last test network update on February 7. Spot Ethereum hype is increasing. The rest of the ecosystem is focused on Bitcoin’s block reward halving, and a post-halving Bitcoin rotation is inevitable.
Looking at the analyst’s shared price chart, it appears that ETH is moving within an uptrend formation, creating higher lows and possibly on the verge of turning the key level of $2,336 into a support level.
Analyst Expects Bitcoin to Rise to $51,000 Before Block Reward Halving
On the other hand, Poppe predicts that Bitcoin will rise to as much as $51,000 before the block reward halving and then fall below $40,000. While explaining his expectations, the analyst said:
Bitcoin is consolidating and moving in a boring manner. It will likely create a higher low and then we’ll see a slight pre-halving rise in pressure towards $48,000 to $51,000.