In his most recent live technical analysis, cryptocurrency expert Michal van de Poppe gave optimistic signs for Ethereum’s price. Poppe thinks that if the price of Ethereum reaches $1,700, there may be a bull run, as the second-largest cryptocurrency is currently reversing from earlier estimates of three figures.
Popular cryptocurrency trader Michal van de Poppe predicts that the price of Ethereum will rise above $2,000; he attributes this to many factors. After a series of unfavorable market events, the currency saw a precipitous decline. According to his research, bearish expectations are already included into the market, and further declines should be restricted.
First, he believed that the September Ethereum merging will result in a price increase owing to FOMO and the continuing FED interest rate scenario.
Poppe says that the hysteria that accompanied the fall of a number of market titans is dissipating. However, he also said that it is not prudent to pursue longs at the present, since this option was available in July but is no longer available.
According to CoinMarketCap, ETH is presently selling at $1,670, a gain of over 2% in the last 24 hours. With a market value of $192.73 billion, the second-largest cryptocurrency is now exchanging hands for roughly $1,650 per coin.
According to statistics from CoinMarketCap, the current trade price is 67 percent lower than its all-time high of $4,891 reached in November 2021.
Growing fears about the future of Ethereum and its miners in the wake of the new proof-of-stake consensus algorithm are mainly cited as the cause of Ethereum’s downward price trend.
The merger will no longer need miners for network maintenance, but rather validators. Instead of buying farms of computers to verify transactions, users may stake 32 Ether to become validators on the updated network. Validators are compensated for their efforts but might lose money if they engage in fraudulent activity.