The analyst says that if the key resistance is broken, ETH may rise to $3,100
Ethereum is looking to break above the key resistance level at $2,150. According to crypto analyst Michael van de Pop, the price of ETH could jump from $3,100 to $3,600. The boost to the market includes the approval of the spot Bitcoin ETF and developments in Ether spot ETF applications.
Ethereum (ETH) rose to $2,136 last week, before giving up some gains to touch $2,016 at the end of the week.
The top altcoin, however, rallied on Monday, rising to change hands around $2,120 as buyers looked for a green candle for the first time in three days.
Various market observers see the adoption of Bitcoin ETFs as a boost to the space, which could disrupt both BTC and ETH. While many experts believe approval is likely as early as January, there is still a window for the SEC to greenlight the first spot Bitcoin ETF for the US market.
This window is open until November 17.
Reminder: There is currently a window open this week to approve the $BTC etf before the 17th.
Also last week, Blackrock filed a lawsuit against $ETH etf
If BTC etf is allowed, wait for both to turn on pic.twitter.com/DbWwa68UAj
— Pentosh 🐧 euroPeng 🇪🇺 (@Pentosh1) November 13, 2023
Analyst what next for ETH if resistance is broken
According to a senior analyst, ETH/USD is facing a major barrier around $2,150 – break this and the world's second largest cryptocurrency could rise to the next supply zone at $3,100 at the market cap price. Above this will be key resistance at $3,600.
The forecast therefore predicts a 44%-67% price jump for Ethereum if the bulls break higher.
According to Michael Van de Pop, the highlighted resistance at $2,150 can be compared to the massive wall that rejected several bullish attempts at $30,000 for Bitcoin (BTC). The founder and CEO of crypto trading group MN Trading shared his prediction with his more than 672k followers on X:
“Ethereum will face the last resistance. A break above $2,150 will mark the end of the bear market, as this level is comparable to Bitcoin's $30,000 barrier. If it breaks, we are likely to see a run towards $3,100-3,600.”
Van de Pop shared a price chart for Ethereum showing an ascending triangle pattern, which, in technical analysis, indicates a bullish breakdown. The table marks the two expected primary protection zones as shown below.
#Ethereum has faced its final resistance.
A break above $2,150 marks the end of the bear market, as this level is comparable to #Bitcoin's $30,000 barrier.
If it breaks, we're likely to see a run to $3,100-3,600. pic.twitter.com/i91ULBRtLz
— Michael Van de Pop (@CryptoMichNL) November 13, 2023
Ether was trading at $2,093 on Monday evening, up 2.4% in the last 24 hours. The price of the cryptocurrency has increased by 11% and 35% in the last week and 30 days respectively.
