Altcoin projects are seen as safer investment tools with the price of Bitcoin rising. However, these “safe” altcoins haven’t been making fair returns lately either. While this inefficiency may be due to many reasons, analyst Michael van de Poppe makes critical statements for the future of some altcoins, including Ethereum (ETH).
Analyst comments on Ethereum and altcoin market
Commenting on Poppe’s technical and fundamental analysis, Aaryamann Shrivastava begins his thoughts with the summit in May 2021. Stating that the market value of altcoins peaked at $ 1.5 trillion, the analyst adds that the altcoin market is currently struggling to recover. As Poppe also stated in his analysis, “AltCap” had jumped from the $600-650 billion support range. This level is $739 billion at the time of writing. The first critical resistance to cross is at $800 billion. The analyst, who expects the altcoin market to rise to $1 trillion again when this volume breaks, continues his analysis with the leading altcoin Ethereum.
Analyst’s Ethereum comment
The analyst begins by stating that Ethereum (ETH) is bullish. For ETH, which is traded at $2.150 at the time of writing, it’s $2.150 -2, according to the analyst. The $250 range was a key breakout zone. Stating that if this level is passed, the $2,900 and $3,000 region can be successfully earned, the analyst also sees $1,400 and $1,700 as the critical support zone. In light of these analyses, Poppe made the following statement:
Ethereum is showing some strength as it is currently facing a critical resistance zone. It’s not an area I’ve been looking for for a long time.
However, Poppe adds to his analysis that a short-term consolidation between $2250 and $2000 is required to achieve this.
In addition, stating that Ethereum’s rise was historically successfully supported, the first of its kind obtained yesterday, the analyst added that for the first time in crypto history, ETH address activity surpassed BTC address activity. The analyst states that this will also help create the optimistic mood needed for Ethereum.
Other altcoins Cardano and Vechain
According to Poppe, surprisingly Cardano has not been showing any choppy movements lately. For more than a week, ADA has been spending time in the critical $1 support and critical $1.3 resistance range ($1.37-$1.41). This resistance is also a key range that needs to be broken for ADA to rally to $1.6 and then to $1.8.
The analyst also noted that recently Charles Hoskinson has plans for the ADA regarding El Salvador, and Cardano also aims to become a legal currency:
We’ve talked to some officials and I might go on a state visit… We’ll meet with the president, but it’s basically going to be in their hands… People in this orbit have certainly expressed their willingness to digitize the country beyond Bitcoin, and in two to four weeks the developments will have made full sense.
VeChain forecasts and critical levels from veteran analyst
Finally, the analyst commenting on VeChain states that according to the VET-BTC pairing, VeChain is heading towards the critical support zone. Explaining that these levels include levels between 190 and 210 sats (0.00000001 BTC), the analyst adds that 140-160 sats supports will work as VET falls below this support.
As we reported , Michael van de Poppe also shared the following, which also concerns altcoin investors. According to the analyst, the current low prices are a good start for 5x and 25x gains.
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