Michael van de Poppe believes the bull market has begun and might intensify if Ethereum breaks 0.06 BTC. The launch of Ethereum ETF could push ETH prices above $4,000.
Alongside Bitcoin, Ethereum has been subjected to selling pressure, resulting in a price decline to below $3,400.
Recently, ETH has maintained a relatively strong position in comparison to BTC, despite a 3.5% decline on the weekly chart compared to Bitcoin’s 5.8%.
According to the technical chart, the ETH/BTC pair is reportedly on the brink of a significant breakout just before the spot Ethereum ETF’s launch next week.
ETH Price to Rally with Spot Ethereum ETF Approval?
Crypto market analyst Ali Martinez hinted that ETH/BTC is finally rising over the 365 simple moving average.
This development serves as an early indicator of the forthcoming altcoin season.
Crypto analyst Michael van de Poppe also expressed a similar view, asserting that the bull market has already started and would gain substantial momentum if the Ethereum price surpasses the 0.06 BTC level.
Poppe anticipates a substantial inflow of capital into the Ethereum ecosystem upon the breach of these key levels.
A significant catalyst in this direction could be the imminent launch of the spot Ethereum ETF in the United States next week.
Poppe further stated that the Ethereum ETF is the most undervalued and underhyped event of the year.
Unlike the Bitcoin ETF, he stated that the Ethereum ETF approval does not generate the same level of enthusiasm.
“The Ethereum ETF is basically everything in reversal. Zero expectations, zero hype, and if there is any expectation” wrote Poppe.
Poppe stated that although the Ether ETF is likely to attract fewer inflows in comparison to the Bitcoin ETF, it can have a significantly greater impact “as the stock-to-flow of Ethereum is less than that of Bitcoin due to the huge amount of staked Ether and the deflationary concept of Ethereum”.
Entire Ether Ecosystem to Benefit
Poppe believes that the Ethereum ecosystem would benefit from the increased price of ETH/BTC, which would attract more developers, liquidity, and usage.
Popper also elaborated that altcoin cycles generally exhibit inferior performance during the first half of the year.
However, the cycle would reverse from June onward, and momentum would accumulate in favor of the altcoins, which would offer opportunities for larger returns.