Crypto analyst Michaël van de Poppe has predicted a bullish run for Ethereum (CRYPTO: ETH) in the next three to six months, amid the scheduled final “Dencun” upgrade and anticipation of a spot Ethereum ETF (exchange-traded fund.)
What Happened: Van de Poppe forecasted that Ethereum could reach $3,500-4,000 in the forthcoming three to six months, translating to a 72% upside compared to the current prices.
He cites the Dencun upgrade’s final testnet on Feb. 7, the Ethereum Spot ETF hype, and Bitcoin (BTC) rotation after halving towards the rest of the ecosystem as contributing factors to this prediction.
#Ethereum is still ready for $3,500-4,000 in the coming 3-6 months. – Dencun upgrade -> final testnet February 7th.– Ethereum Spot ETF hype.– Bitcoin rotation after halving towards the rest of the ecosystem. pic.twitter.com/bs3W5WomMi
— Michaël van de Poppe (@CryptoMichNL) January 31, 2024
While the SEC has approved spot Bitcoin ETFs, Ethereum’s classification as a security or commodity is still a matter of debate. The potential approval of Ethereum ETFs could contribute to a potential 72% bull run in the cryptocurrency’s prices.
See Also: Pro-Crypto Senator Cynthia Lummis Says Bipartisan Lawmakers Engaged In ‘Delicate’ Talks
“The time for Ethereum is on the horizon,” Van de Poppe added, noting that the reversal of more than a two-year-old trend will be “impactful.”
The time for #Ethereum is on the horizon. It took 2+ years for $LINK to wake up. Ethereum is in a downtrend for 2.5 years already, the turn around is going to be impactful.
— Michaël van de Poppe (@CryptoMichNL) February 2, 2024
Why It Matters: According to Bloomberg Intelligence ETF analyst James Seyffart, there is a 60% chance of Ethereum ETFs launching in 2024. If his prediction holds, Ethereum could experience a monumental surge in value, further reinforcing Van de Poppe’s prediction.
Until there is more clarity on Ethereum ETFs, though, traders are reportedly showing a preference for King Crypto Bitcoin (CRYPTO: BTC).
Furthermore, Ethereum co-founder Vitalik Buterin has mentioned the potential integration of AI with cryptocurrency, with trading bots on blockchain-based exchanges as an established example of AI’s involvement in the crypto space. This development could further influence Ethereum’s…
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