Closely followed crypto analyst Michaël van de Poppe says that Ethereum (ETH) is gearing up for a relief rally after months of consecutive downward action.
The popular analyst tells his 643,000 Twitter followers that he’s waiting for ETH to recoup some of its losses, and shoot up to around the $1,300 range.
“Still pretty much waiting for a scenario like this on ETH, in which we most likely retest before continue.
Positive signs coming from the markets past few days, but no continuation as indices are showing weakness (while DXY shows the same).”
At time of writing Ethereum is trading for $1,199.
The trader also has his eye on FET, the Ethereum-based altcoin that powers Fetch.ai, a decentralized machine learning system that aims to act as a platform for applications that enable things like financial services, smart cities, or gig economy work to operate more efficiently.
Van de Poppe, bullish on FET, says that he’s waiting for the altcoin to potentially retrace a further 15% before going long.
“Still waiting for the lower levels to be filled on FET.
Levels I’m looking at
While many in the crypto space are still expecting another wave of liquidations that take markets lower, Van de Poppe says that bears are on their last stand.
“Honestly,
FTX collapsed.
Contagion appears.
Massive flood of FUD appears too.
Binance buying $VGX and bidding on Celsius.
Gemini looking at a tender offer.
I think the bears are in ultra-euphoria at this moment.”
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