Ethereum Price Breakout Imminent: Analyst Warns of Rapid Decline Below $1,870
Crypto analyst Michaël van de Poppe is seeing a strengthening bullish scenario in Ethereum's (ETH) price. According to him, the daily chart of ETH shows signs of an upward breakout, particularly with the formation of higher lows and high highs.
Van de Poppe pointed out that if Ethereum falls below $1,870, it could lead to a rapid decline due to high liquidity zones below the current price. He believes this would result in ETH falling below $1,700 before recovering.
The analyst sees a higher probability of an upward breakout instead of a downward one based on the current technical structure.
If Ethereum surpasses the critical threshold of $2,000, Van de Poppe expects an upward movement to become quite sharp. He also mentioned that there could be short-term resistance around $2,200 during ETH's rise.