Is the cryptocurrency market on the verge of a recovery or will the bears win? Altcoins, including Ethereum, will witness a crash, according to a well-deserved analyst. Based on this prediction, the analyst shows the weakness of ETH against Bitcoin.
Michael van de Poppe: Altcoins including Ethereum will crash!
cryptocoin.com According to some experts, the bear market has ended or is about to end. There are also those who justify the Bitcoin halving event for this. With the impact of recent developments, the BTC price witnessed a sharp fluctuation in April. Traders expect an uptick amid the banking crisis, the US debt ceiling crisis and weakening macro events. However, the outlook for leading altcoin Ethereum and altcoins remains weak.
Ethereum has successfully performed a major upgrade like Shanghai (Shapella). After that, all platforms opened staked ETH withdrawals. This has mostly caused ETH to come under pressure. Meanwhile, the largest liquid staking platform Lido is expected to open withdrawals at the end of May.
Amid these developments, popular analyst Michael van de Poppe says Bitcoin and Ethereum prices need to break key levels to maintain the upside momentum. The analyst states that a bear market for Ethereum and altcoins is approaching as altcoins continue to lose momentum and fall against BTC.
ETH shows weakness against BTC, sign of what?
On the other hand, the collapse of First Republic Bank on the brink of depression and recession will greatly trigger DeFi adoption. Other news affecting crypto prices includes the US Fed’s decision to raise interest rates. If the Fed raises rates, it will put additional pressure on the government and banks as they will have to pay more interest on the money they borrow. US Treasury Secretary Janet Yellen warns that if the US debt ceiling is not raised, there will be an economic disaster. Meanwhile, the US House of Representatives passed the debt ceiling bill. Now the Democrat-led US Senate is facing its hurdle.
On the weekly timeframe, Ethereum (ETH) is showing weakness against Bitcoin (BTC). In this environment, altcoins are in the process of a correction. According to analyst Varinder Singh, ETH/BTC needs to break the 0.069 level for a bullish move. Thus, it is possible to start an altcoin season. As a result, a rally in Bitcoin above $30,000 will strengthen the market. Altcoins will follow. However, for the ETH price to rise, the BTC price must consolidate.
ETH/BTC on weekly timeframe / Source: TradingViewMeanwhile, Michael van de Poppe predicts that the BTC price will reach $50,000 in the next quarter due to the positive mood in the market given the macro weakness and Bitcoin halving.
