A closely followed crypto analyst says Ethereum (ETH) may be gearing up for a massive breakout against Bitcoin (BTC).
In a new strategy session, trader Michaël van de Poppe tells his 733,600 followers on the social media platform X the Ethereum/Bitcoin pair (ETH/BTC) is showing a bullish divergence on the daily chart.
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“A massive bullish divergence on ETH. The entire Ethereum ecosystem thriving [on November 6th].”
In an update, the analyst says that ETH/BTC is starting to take off as it seems investors are rotating profits from Bitcoin’s massive rally into alts like ETH.
“That’s it. The markets are rotating, as ETH has a massive bounce upwards. Next step? Create a higher low and then we’ll be good to continue the upward momentum. DeFi (decentralized finance) is basically exploding already. Good times!”
ETH/BTC is trading for 0.03748 BTC ($2,844) at time of writing, up 4.84% in the last 24 hours.
He also believes that an expected Fed rate cut on Thursday could send Bitcoin and other crypto assets soaring.
“Ethereum bounces upwards. I think we’ll continue that pace. The Fed meeting on Thursday is important to watch, where they’ll likely state another 25 bps rate cut. Then continuation on the markets and $90,000-$100,000 for Bitcoin next.”
Looking at Bitcoin, the analyst says that Bitcoin needs to hold the $72,000 as support to remain in the uptrend.
“Bitcoin made a new all-time high! What’s the level to hold? I think the $72,000 area. If that holds, we’ll be fine for further upward momentum. The markets are finally waking up and altseason is around the corner!”
Lastly, the analyst says that the…
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