Top Analyst Predicts Bullish Momentum for Crypto Markets, Updates Outlook for Ethereum into September
Widely followed crypto analyst Michaël van de Poppe predicts a rally to the upside for crypto markets as he offers a new forecast for leading smart contract platform Ethereum (ETH).
Van de Poppe tells his 618,800 Twitter followers that he is keeping a close eye on the Tether Dominance (USDT.D) chart, which shows how much of the crypto market capitalization is made up of stablecoin Tether (USDT).
According to Van de Poppe, the USDT.D chart has a lot of room to fall, suggesting that market participants are likely to shed their USDT positions in favor of other crypto assets.
“The USDT dominance remains eager to drop another 23%, resulting in markets having some more momentum to the upside.”
Van de Poppe’s latest prediction appears to be in line with his recent call that the total market cap of all crypto assets is likely to increase by 25% from $1 trillion to $1.25 trillion.
Looking at Ethereum, Van de Poppe says the top altcoin is likely to face resistance from Bitcoin (ETH/BTC) in the near term. However, he expects the pair to maintain its bullish momentum heading into September.
“Basically a few levels on ETH.
Resistance at 0.0725 BTC ($1,616).
Support for either 0.0645 BTC ($1.437) or 0.057 BTC ($1.270).
Overall, we expect more momentum towards the merger in September.”
Looking at Van de Poppe’s chart, the analyst seems to be targeting 0.08 BTC ($1,783) for the pair by September.
At the time of writing, ETH/BTC is trading at 0.069 ($1,537), down 1.35% on the day.
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