{"id":161783,"date":"2021-06-06T13:30:24","date_gmt":"2021-06-06T08:00:24","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=161783"},"modified":"2021-06-06T10:12:18","modified_gmt":"2021-06-06T04:42:18","slug":"for-any-potential-upside-heres-what-ethereum-needs-to-do","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/for-any-potential-upside-heres-what-ethereum-needs-to-do\/","title":{"rendered":"For any ‘potential upside’, here’s what Ethereum needs to do"},"content":{"rendered":"

Is Ethereum going to make a new run to $10k, amid the current market-wide phase of correction? Can it regain recent losses? It’ll be interesting to witness ETH’s rebound path if that’s the case.<\/p>\n

Although there’s a small reality check – most analysts in the crypto community have always voiced the idea of ‘buying the dip’ during a price correction, but that hasn’t been the case in the ongoing recovery. Social media volume is extremely low right now; it raises the question if people are interested in investing in crypto right now.<\/p>\n

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Source: LunarCrush<\/a><\/figcaption><\/figure>\n

The world’s second-largest cryptocurrency, Ethereum has had a turbulent ride since the time it hit its ATH in April. Just consider its dominance rate. Once accounting for about 19%, the alt now stood<\/a> at around 17% as per CoinMarketCap. Now, at the time of writing, it did see a much-needed surge in its trade volume as well as its price action. It was trading<\/a> at the $2620 price level.<\/p>\n

Dutch trader and analyst, Michael van de Poppe in the latest edition of his Youtube podcast highlighted<\/a> the following metrics.<\/p>\n

Considering Ethereum against Bitcoin, Poppe expressed his optimism with regard to the bull cycle. He stated:<\/p>\n

“Ethereum is still consolidating in the BTC pair and only down about 10% since the recent high. That’s fine.”<\/p><\/blockquote>\n

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Source: Michael van de Poppe| Twitter<\/a><\/figcaption><\/figure>\n

Looking at ETH\/USDT, the analyst added:<\/p>\n

“The crucial area to hold for Ethereum is that entire block on the weekly timeframe. It has to hold for any potential upside.”<\/p><\/blockquote>\n

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Source: Michael van de Poppe| Twitter<\/a><\/figcaption><\/figure>\n

Furthermore, he reiterated,<\/p>\n

“Ethereum<\/span> looking to break the resistance zone around $2,900. Grinding upwards with higher lows and multiple tests of the resistance. Breaker through the resistance, $3,400 next.”<\/span><\/p><\/blockquote>\n

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Source: Michael van de Poppe| Twitter<\/figcaption><\/figure>\n

At the end of his youtube session, he gave his price estimates. He added, “If we continue to grind back up, Using the Fibonacci extension, the next target zones: 6k and 8.7k soon.’<\/p>\n

Another crypto proponent had a similar projection towards ETH, but with a more bullish sentiment.<\/p>\n

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No matter what happens in the short term #ethereum<\/a> is going to $10,000 and beyond this year!<\/p>\n

— Davinci Jeremie (@Davincij15) May 31, 2021<\/a><\/p><\/blockquote>\n