Altcoins
Top Crypto Analysts See Ethereum and Altcoin Reversal Coming: “We Will Back Up in the Next Weeks”
Cryptographic analyst Michael van de Poppe analyzed the recent sharp decline in altcoin prices, stating that he expects a reversal in the trend in the coming weeks.
What happened: Van de Poppe attributes the significant collapse of altcoins to a combination of factors, including market events and regulatory uncertainties. He emphasizes the critical role of Ethereum ETH/USD ETF, which initially increased the price of Ethereum by 20% to $3,800 following the approval of 19b-4 files.
However, uncertainty over the approval of S-1 files required by the SEC for listing has caused Ethereum price stagnation and heavy corrections in altcoins.
The analyst added“The probability of these approvals is close to 100%, it’s just a question of timing,” highlighting potential summer approvals expected by the SEC Chairman Gary Gensler.
Despite the positive data on CPI and PPI they favor risky assets such as cryptocurrencies, the president of the Federal Reserve said Jerome Powell‘s aggressive tone led to a less favorable market reaction. “Cryptocurrencies need QE and rate cuts, as a risk-taking climate is ideal for cryptocurrency investors to continue investing in altcoins.”
Read also: Five Critical Ethereum and Solana Altcoin Trends to Know
Because matter: Van De Poppe underlined that the approval of Spot ETF on Ethereum “it will signal that Ethereum is a commodity and that the rest of the ecosystem will likely be classified as a commodity as well.” He further adds that the event could be a “Sell the Rumor, Buy the News” type event for the entire market.
Van de Poppe expects a market reversal within the next week or two, driven by greater clarity on Ethereum ETF approvals and a potential easing in dollar strength. “It seems very unlikely that we will continue to have such downward momentum in the cryptocurrency markets and rather reverse the upward trend in the coming weeks,” he concludes, optimistic about a rebound.
Trader analysis suggests that traders and investors should remain agile, closely monitoring these developments to take advantage of emerging opportunities.
What’s next: The influence of Ethereum as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
Read next: Is Altcoin Season on the Horizon? Analysts point to a potential early peak
Image: Shutterstock
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.