Cryptocurrency analyst Michael van de Poppe provides insights into the potential growth of SEI, along with forecasts for Bitcoin and Ethereum, highlighting key resistance levels.
Critical Resistance and 100% Target for SEI
Van de Poppe noted that SEI is currently trading at $0.17 and is facing significant resistance at the $0.20 level. He asserts that if this level is surpassed, the price could rise to a range between $0.30 and $0.35, presenting investors with a potential return exceeding 100%.
In his remarks, he stated, “SEI has started to show momentum. There is a strong positive divergence on the long-term charts against Bitcoin, and it also faces critical resistance in dollar terms. If the $0.20 level is breached, the upward trend is likely to continue.”
Anticipating a Test of $87,000 for Bitcoin
On the Bitcoin front, van de Poppe suggests that after the current sideways movement, a new rally may be imminent. The leading cryptocurrency has recently remained stable around $83,800. However, he believes that retesting $87,000 could generate strong momentum towards a new all-time high.
“Bitcoin has been trapped in a range recently. If it tests the $87,000 mark again, we might see a strong breakout towards an all-time high,” van de Poppe stated, arguing that this level could shift market sentiment. If Bitcoin gains volume support during this period, the rally could be more sustainable.
Ethereum May Show Inverse Correlation with Gold
In his analysis of Ethereum, van de Poppe highlights the price of gold. He notes that ETH has historically shown inverse correlation with gold, suggesting that if gold prices peak, Ethereum may experience a rise. Recently, ETH experienced a 2% decline, trading at $1,589.
The analyst also mentions that Ethereum’s RSI indicator has entered the oversold region, which could signal a potential rebound. “We started the week well, with ETH rising 4% against Bitcoin. However, these gains have generally been short-lived in recent months. The key point to watch is whether gold will reach its peak,” he warns investors.
For Ethereum investors, monitoring critical levels and alt market dynamics remains essential. Changes in gold prices could significantly influence ETH’s trajectory.
The analysis of current trends in the cryptocurrency market indicates potential for SEI, Bitcoin, and Ethereum. It is crucial to keep key levels and technical indicators in mind for informed decision-making.
