Ether (ETH), the native token of Ethereum’s blockchain, could be poised for a huge breakout. Well-known crypto trader Michaël van de Poppe is optimistic about ETH’s near-term future, predicting it could soon rocket by over 70% from its current price.
ETH Is Poised For Significant Rebound
Trader Michaël van de Poppe has made a bullish Ethereum price forecast.
“Ethereum is still ready for $3,500-4,000 in the coming three-six months,” he postulated.
Michaël delved into three catalysts that could turbocharge the price of ETH in a recent post on the social media platform X.
First, he expects the full implementation of the upcoming Dencun upgrade to boost the crypto’s market value. Dencun is set to hit Ethereum’s main network on February 8, as per a recent Reddit post by Ethereum core developer Tim Beiko. This mainnet launch will follow Dencun’s deployment on the Holesky testnet on February 7.
   One of the upgrade’s most awaited technical innovations is proto-danksharding, which is designed to introduce blobs in a bid to improve Ethereum’s scalability and reduce transaction costs — thus benefiting layer 2 blockchains.
Another catalyst, according to van de Poppe, is the possibility of spot ETH ETFs going live this year. Analysts generally expect the U.S. Securities and Exchange Commission (SEC) to classify ether as a commodity by May and approve spot-based applications currently sitting on its desk. This comes after the SEC greenlighted a flurry of spot Bitcoin ETFs in the U.S. for the first time earlier in January.
Finally, the cryptocurrency trader cited the rotation of Bitcoin profits into ether after the ascendant crypto’s halving in April. The halving is a once-every-four-year event that slashes the reward for creating new Bitcoins by 50%. Historically, the price of Bitcoin has increased exponentially post-halving, creating generational wealth for holders.
Van de Poppe shared a chart that suggests ether is displaying an ultra-bullish pattern of higher low prices and is on the cusp of perhaps turning the $2,336 zone into support.
At the time of writing, ETH is trading for $2,312. That’s 2.1% higher than it was a week ago.
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- Source: https://zycrypto.com/ether-is-primed-for-big-move-to-4000-here-are-3-big-reasons-why-according-to-this-pundit/
