Renowned cryptocurrency industry researcher and investor Michaël van de Poppe published a new post on his X social media page, noting the ongoing decline in digital asset markets. However, Ethereum shows some resilience.
Van de Poppe believes this indicates an imminent price reversal. In his opinion, the first upward trend in 2.5 years will soon begin, «activating strength in the altcoin markets».
According to him, the analysis of the latest chart points to a key support zone for ETH, which may determine the further price movement. The ETH/BTC pair has shown a notable decline since April 2023, causing concern among investors and traders.
Since the beginning of 2023, the ETH/BTC pair has experienced high volatility. Despite the growth seen in February last year, when the rate briefly exceeded 0.08 BTC, the following months brought significant decline. In June 2023, the ratio fell below 0.06 BTC, which became a critical point for maintaining ETH's value.
The current zone, which van de Poppe called the Crucial area to sustain for ETH, emphasizes its importance for continued sustainable growth. If the support does not hold, further declines can be expected, causing additional concerns for investors.
It should be noted that many technical indicators point to the critical state of the market. The Relative Strength Index (RSI) shows that ETH has not reached overbought or oversold levels, indicating uncertainty among traders. Trading volumes remain stable, but the lack of significant increase does not support a bullish sentiment.
