As the crypto market continues its downward spiral, crypto analyst Michael Van de Pop sheds light on Ethereum's trajectory and the broader digital asset landscape. Despite initial optimism, many investors who favor buy-and-hold strategies find themselves struggling with the returns.
Here are his top predictions for what's to come this month:
Ethereum price prediction
Van de Pop’s analysis suggests a bleak outlook for Ethereum (ETH), predicting that it could fall further into the $2,500 to $2,750 range. This forecast reflects general market sentiment, which is heavily influenced by macroeconomic developments and regulatory ambiguity.
Over the past 24 hours, Ethereum has fallen by 4% and once again fell below the $2,910 benchmark. This downward trend has continued for a week, with the value of ETH dropping by around 6% in the last few days.
ETF approval delays
The approval hurdles for an Ethereum Spot Exchange Traded Fund (ETF) are high, and the Securities and Exchange Commission (SEC) has taken a cautious stance, unlike its stance on Bitcoin ETFs. The postponement of the Invesco Galaxy Ethereum ETF decision until July 5, 2024 further exacerbates the uncertainty surrounding Ethereum's regulatory status.
Van de Pop’s predictions suggest that the ETF delay could put further downward pressure on Ethereum’s price in the near future, further exacerbating its woes.
Ethereum’s fight against Bitcoin continues
Ethereum’s performance relative to Bitcoin (ETH/BTC) remains lackluster, with sustained weakness and long-term trends evident in recent days. Van de Pop predicts further declines in ETH/BTC, highlighting Ethereum’s continued struggle to keep pace with Bitcoin.
Altcoin surge in Q3
Despite the regulatory setbacks, Van de Pop remains optimistic about the potential for market rotation following the ETF delay. This change could favor altcoins in the third quarter of 2024, paving the way for growth and portfolio diversification.
Bitcoin enters consolidation phase
Meanwhile, Van de Pop's analysis shows that Bitcoin (BTC) is expected to remain within a defined price range for the next four to six months, indicating a period of consolidation.
Following historical patterns, Bitcoin often enters a sideways market phase after a halving, signaling a period of accumulation. This trend, which has been seen during past halvings, involves investors accumulating Bitcoin during periods of price stability to prepare for future price increases.
Although short-term corrections continue, analysts like Michael van de Poppe are predicting a bullish trajectory in the long term, highlighting the cyclical nature of crypto market trends.
Also check out: Cryptocurrency Weekly Report: Top News, Important Updates and Market Analysis
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